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To: GST who wrote (109194)	9/29/2000 10:29:14 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Gst, I hope Prtn which IPO's today brings me good news. >Company: Proton Energy Systems (proposed Nasdaq symbol: PRTN) Business description: Proton Energy Systems makes proton exchange membrane (PEM) electrochemical products that produce hydrogen from water and electricity. The company's regenerative fuel-cell systems, when completed, will combine hydrogen-generation capabilities with a fuel-cell power generator to create an energy device that can produce and store hydrogen fuel it can later use to generate electricity. Proton Energy hopes to deliver its first commercially configured regenerative fuel-cell system for field testing by 2002. The systems will initially target the back-up power needs of industrials and laboratories. Future markets, expected anywhere from 2003 to 2005, include automobiles. Competition: Ballard Power Systems, Fuelcell Energy, H Power, United Technologies Offering: 7 million shares Price range: $8-$10 Lead manager: Morgan Stanley Dean Witter Street poll: Hot Red Herring take: The key to Proton Energy's technologies is the integration of hydrogen storage and fuel cells as a single unit. Fuel-cell companies are seen as the market's answer to high energy costs. Last month's trio of alternative energy companies -- Active Power (Nasdaq: ACPW), Millennium Cell (Nasdaq: MCEL), and H Power (Nasdaq: HPOW) -- are trading 170 percent above offering price, and 70.9 percent above their first-day close. Valuations are extremely bullish, and we would expect to see a large price-range increase ahead of the offering. Proton Energy's stock should command a huge aftermarket pop because of the company's limited stock float, 32 million shares. Active Power's $2.6 billion market cap, for example, implies a price of $81 a share for Proton Energy's stock.