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Technology Stocks : Fuel Cells -- Ignore unavailable to you. Want to Upgrade?

To: H James Morris who wrote (168)	9/26/2000 12:29:55 PM
From: Jim Oravetz	Read Replies (2) \| Respond to of 196

FuelCell Energy (FCEL) 83 3/8: Lehman Brothers initiates coverage with a BUY rating and price target of $124; FCEL's Direct FuelCell will be cost-competitive with grid-delivered electricity while offering benefits of low emissions, easy siting, and low noise power generation; believes FCEL will be next big player in the power generation markets if successful in reaching cost targets and perfecting its technology. Briefing.com Just parking, Jim

To: H James Morris who wrote (168)	9/26/2000 8:10:35 PM
From: FR1	Respond to of 196

I glanced at their IPO message (below). The statement that seems weird to me is: Our hydrogen generators produce hydrogen from electricity and water in a clean and efficient process. What? They are going to get hydrogen by electrolysis, then use it in a fuel cell and come out ahead. Somebody tell me how that equation works because I must be missing something. Business Description We design, develop and manufacture proton exchange membrane, or PEM, electrochemical products that we employ in both hydrogen generating devices and power generating and energy storage devices for use in a variety of commercial applications. Our proprietary PEM technology is embodied in two families of products: hydrogen generators and regenerative fuel cell systems. Our hydrogen generators produce hydrogen from electricity and water in a clean and efficient process. We are currently manufacturing and delivering late stage development models of our hydrogen generators to customers for use in commercial applications. Our regenerative fuel cell systems, which we are currently developing, will combine our 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. By providing the hydrogen fuel used by fuel cells, our core technology can enable fuel cells to function not only as power generating devices, but also as energy storage devices. Competitors Our hydrogen generators will compete with delivered hydrogen, and with older alternative equipment used to manufacture hydrogen-rich gas. Competitors in the delivered hydrogen market include Air Liquide, Air Products and Chemicals, Linde, and Praxair. Our hydrogen generators will also compete with older generations of electrolysis-based hydrogen generation equipment sold by Electrolyser, Norsk Hydro, Teledyne-Brown and other companies. These systems are generally much larger in size, require manual operation and supervision, contain hazardous liquid electrolyte and require the assistance of mechanical compressors to produce hydrogen at pressure.