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Connecticut Clean Energy Fund Invests $1.5 Million in Proton Energy Systems

Investment will Support UNIGEN® Fuel Cell Development

(ROCKY HILL, Conn., November 2001) — The Connecticut Clean Energy Fund (CEF) recently announced the completion of $1.5 million in funding for Rocky Hill-based Proton Energy Systems, Inc. to accelerate the company’s development and commercialization of regenerative fuel cell products. Proton Energy is a leader in practical applications of Proton Exchange Membrane (PEM) electrochemical technology and products. This partnership with CEF marks a significant step in strengthening Connecticut's leadership position in the global fuel cell industry.

From 1999 through June 2002, CEF expects to invest nearly $20 million in the development and deployment of fuel cells.

“Connecticut is the fuel cell capital of the world,” said Arthur H. Diedrick, chairman of Development for the Office of the Governor of the State of Connecticut and Chairman of CEF's Advisory Board. “Proton has demonstrated impressive technical and business progress in becoming a leader in fuel cell-related technology, and we are committed to their continued success. This demonstrates our commitment to Proton while advancing many other state objectives including environmental sensitivity, electric ratepayer benefits, economic development, and furtherance of Connecticut's standing in the global fuel cell arena.”

CEF’s investment will be used to accelerate commercial deployment of Proton’s UNIGEN® fuel cell product family. More specifically, the fund will initiate commercial product and market development of the breakthrough power quality and energy storage products incorporating Proton's advanced hydrogen generation technology. Funds were provided by CEF on terms whereby Proton will repay CEF from profits when and as these advanced products achieve commercial success.

Proton's UNIGEN® regenerative fuel cell systems combine Proton's hydrogen generation technology with a fuel cell power generator to create an energy device that is able to produce
and store the hydrogen fuel it can later use to generate electricity.

Proton Energy Systems, Inc. (www.protonenergy.com) designs, develops and manufactures proton exchange membrane, or PEM, electrochemical products.

The Connecticut Clean Energy Fund invests in enterprises and other initiatives that promote and develop sustainable markets for energy from renewables and fuel cells that will benefit ratepayers. The fund is administered by Connecticut Innovations.