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Texaco Ovonic Hydrogen Systems Joins HaveBlue's Marine Hydrogen Technology Team
Leader in metal hydride hydrogen storage to provide developmental system to HaveBlue's Revolutionary X/V-1 program.
Ventura Harbor, California, Jan.14, 2004 — HaveBlue LLC announced today that it reached an agreement with Texaco Ovonic Hydrogen Systems LLC (TOHS) that calls for the company to provide the developmental metal hydride hydrogen storage system for HaveBlue's X/V-1 marine hydrogen fuel technology demonstration vessel. The first of its kind, the X/V-1 is a modified Catalina 42 mk II provided by program sponsor Catalina Yachts that will utilize hydrogen energy produced through renewable resources to economically deliver all required power and propulsion. The X/V-1 program, which has received positive attention from both the yachting and environmental communities, is commonly considered the first example of a critical early adaptor market in the practical application of hydrogen as a transportation fuel.
"We are thrilled to have a world class leader, like Texaco Ovonic Hydrogen Systems, join the X/V-1 program," said Craig Schmitman, President of HaveBlue LLC. "Sailing yachts are the perfect early adopter of hydrogen as a fuel, and we believe that the vast majority will be ideal for application of metal hydride hydrogen storage technology like the systems produced by Texaco Ovonic Hydrogen Systems."
"Our advanced proprietary hydrogen storage technology opens the door to new applications like the innovative marine fuel technology being developed by HaveBlue's technology team. We're excited about the commercial opportunities HaveBlue's renewable self-contained onboard systems could create within the sailing industry and look forward to collaborating on this initiative," said Mark Schiller, Manager of Sales and Marketing for TOHS.
HaveBlue's patented propulsion and power generation system produces renewable hydrogen from purified sea water using clean energy power sources such as solar panels, wind generators and regenerative electric drive motors. With HaveBlue's self-contained systems on board the emissions, noise and odor associated with conventional internal combustion engines are eliminated.
HaveBlue has teamed with the number one sailboat builder in the U.S., Catalina Yachts, to build its first full-scale technology demonstrator. The X/V-1 will complete testing and public demonstrations of HaveBlue's patented technology through 2004, with the goal of limited retail availability in 2005.
TOHS will provide its storage system technology using proprietary metal hydrides to store the hydrogen produced by HaveBlue's patented technology in a safe, solid form aboard the modified Catalina 42 mk II and will also provide technical support. TOHS' storage systems offer numerous advantages over traditional hydrogen storage methods including environmentally friendly components, higher performance, greater hydrogen capacity, better absorption and desorption, and competitive costs.
Financial terms of the agreement were not released. TOHS will also join the list of industry leaders sponsoring the X/V-1 technology demonstration program. Subject to the completion of a successful test program, the agreement further calls for TOHS to become an approved supplier to licensees of HaveBlue's patented technology and HaveBlue will also become an authorized wholesale distributor of TOHS systems to the marine marketplace.
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ABOUT HAVEBLUE
Based in Ventura, Calif., HaveBlue's patented technology produces renewable hydrogen from purified sea water using clean energy power sources such as solar panels, wind generators and regenerative electric drive motors. With HaveBlue's self contained systems on board, the emissions, noise and odor associated with conventional internal combustion engines are eliminated. HaveBlue has teamed with the number one sailboat builder in the U.S., Catalina Yachts, to build its first full-scale technology demonstrator. For more information on HaveBlue or to arrange for an interview with Craig Schmitman, President and CEO, contact us at our offices. Call: 805.985.2010 or visit: www.haveblue.com.
ABOUT TOHS
Texaco Ovonic Hydrogen Systems LLC is a 50-50 joint venture between Energy Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) and a unit of ChevronTexaco Corporation formed to bring metal hydride hydrogen storage systems into full commercial production for emerging fuel cell markets. These markets include fuel cell powered vehicles, stationary and portable power systems, and lead acid battery replacements. Texaco Ovonic Hydrogen Systems, headquartered in Rochester Hills, Mich., is testing both large and small hydrogen systems for a variety of applications. For more information, visit TOHS at www.txohydrogen.com.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which the parties, as of the date of this release, believe to be reasonable and appropriate but caution, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.
Contacts:
HaveBlue
Craig Schmitman
(805) 985-2010
www.haveblue.com
or
TOHS
Mark S. Schiller
(248) 293-8772
www.txohydrogen.com
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