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Technology Stocks : Distributed Energy Systems Corp. (DESC)

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To: Rutgers who wrote (7)	8/3/2004 4:55:38 PM
From: Rutgers	Read Replies (1) of 122

DESC Announces Second Quarter Results biz.yahoo.com Second Quarter Highlights: * 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 Phase II contract award to continue development on its regenerative solar/PEM fuel cell demonstration system for the Naval Air Warfare Center Weapons Division at China Lake, California. * Announced Proton's contract award with the Naval Research Laboratory funded by the Defense Advanced Research Projects Agency for $1.1 million to continue work on advanced fuel cell development. * Announced Northern's award of a contract with SC Johnson to engineer, build, and commission a $6.0 million turnkey combined heat and power system that will provide critical load support for manufacturing operations at the company's Waxdale Plant in Racine, Wisconsin. * Announced Northern's $2.0 million cooperative agreement with the U.S. Department of Energy, or DOE, to advance the development of the company's NorthWind(R) 100 wind turbine. * Announced Northern has been selected by SHM partners for the engineering, construction and installation of a $1.9 million turnkey custom designed, on-site combined heat and power system to be located at 550 North Brand Boulevard in Glendale, California. * Delivered 4 HOGEN(R) 40 series hydrogen generators and 25 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 130. Distributed Energy and its subsidiaries now hold 27 issued U.S. patents and three issued European patents. Subsequent Events: * Announced the signing and the subsequent termination of a non-exclusive distribution agreement for power plant applications with General Electric Company effective August 24, 2004.

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