Distributed Energy Systems Corp. was created in December 2003 following an affirmative vote by shareholders and ratification by the boards of directors for both Proton Energy Systems and Northern Power Systems. Acting as holding company for the Proton and Northern operating companies and subsequent entities, Distributed Energy Systems is the market vehicle (NASDAQ: DESC) for investors, superseding Proton Energy Systems (formerly traded on the NASDAQ under the symbol PRTN).
Homepage: distributed-energy.com
May 5, 2004 Earnings Release
phx.corporate-ir.net
First Quarter Highlights:
* Announced the successful installation of Proton's first HOGEN(R) H
Series onsite hydrogen generator along with the receipt of the first
two commercial orders.
* Announced the achievement of several key milestones for Proton's HOGEN
hydrogen generator line. Specifically, Proton logged more than four
million cell hours on approximately 350 installed units in the field in
2003 and reduced the overall cost of the Proton Exchange Membrane, or
PEM, electrolysis cell stack by 20 percent over the previous year.
* Announced the presentation of a Department of Energy grant by Vermont
Senator James Jeffords for Northern Power worth approximately $600,000
for the development of a MicroGrid power network.
* Delivered 12 HOGEN 40 series hydrogen generators and 18 laboratory
generators by Proton. Revenue recognition is being deferred until
warranty expiration.
* Strengthened the intellectual property position by bringing the total
U.S. and foreign patent filings to 116. Distributed Energy and its
subsidiaries now hold 26 issued U.S. patents and three issued European
patents.
Subsequent Events:
* Announced the selection of Northern Power to negotiate on an
$8.3 million contract with the National Renewable Energy Laboratory to
develop an advanced, direct-drive wind turbine for low-wind speed
sites.
* Announced Proton's intention to provide hydrogen generation and fueling
technologies as key infrastructure components for California's new
"Hydrogen Highway" and renewable energy economy.
* Announced Proton's selection as a member of the Air Products team that
will participate in DOE's hydrogen infrastructure demonstration and
validation project.
* Announced Proton's award of a Phase II contract to continue development
on its regenerative solar/PEM fuel cell demonstration system for the
Naval Air Warfare Center Weapons Division at China Lake, California. |
