Renault and Nuvera Strengthen Ties for Joint Fuel Cell Research Venture

PARIS / MILAN / CAMBRIDGE, Mass., May 19, 2004 -- Renault and Nuvera Fuel Cells, Inc., an international developer of multi-fuel reforming and fuel cell technology, today signed an agreement to strengthen their partnership and continue their collaborative efforts in fuel cell research and development. The deal gives Renault an equity stake in Nuvera, sets out the terms of a new research contract, and licenses Renault to use technology developed by Nuvera.

According to the agreement, Renault will acquire a 10% equity stake in Nuvera by contributing to Nuvera's capital increase. Nuvera's other shareholders are integrated energy company Amerada Hess Corporation, headquartered in New York, and Italian electrochemistry company Gruppo De Nora.

In addition, Renault and Nuvera agreed to terms on a new four-year R&D contract whereby Nuvera grants Renault a license to use its technology for automobiles and light-duty vehicles.

This contract extends a prior deal signed in 2002 for developing a hydrocarbon reformer adapted for automobile use. The on-board reformer converts gasoline to hydrogen, which is used to power the fuel cell that drives the vehicle. The initial contract is due to terminate later this year when Nuvera supplies Renault with a prototype of the unit.

"The agreement will enable us to play an active role in the development of fuel cells powered by reformed hydrogen," said Pierre-Alain de Smedt, Renault's Executive Vice President for Industry and Technology.

"With the addition of Renault as a strategic shareholder, we have securely positioned ourselves for the challenges that lay ahead to execute our business plan for the next four years," commented Roberto Cordaro, President and CEO of Nuvera Fuel Cells.

Nuvera is a global leader in the development and advancement of multi-fuel processing and fuel cell technology. With offices located in Italy and the USA, Nuvera is committed to advancing the commercialization of hydrogen fuel cell power modules for industrial vehicles and equipment and stationary applications by 2006, natural gas fuel cell power systems for cogeneration applications by 2007, and on-board gasoline fuel processors and fuel cell stacks for automotive applications by 2010. Nuvera Fuel Cells Europe is ISO 9001:2000 certified for "Research, Development, Design, Production and Servicing of Fuel Cell Stacks and Fuel Cell Systems."

Renault is an international automaker that has acquired a global reach through its alliance with Nissan and acquisitions of Romanian car manufacturer, Dacia, and South Korea's Samsung Motors. Renault pursues a strategy of profitable and responsible growth with its innovative, quality range of vehicles and services. For nearly 50 years, Renault has made safety a pillar of its strategy. Today it boasts the safest line-up in Europe -- it has five cars with five stars in Euro NCAP crash tests. Worldwide, Renault employs 130,740 people. It sold 2,389,000 vehicles in 2003, recording revenues of 37.5 billion euros and a net income of 2.48 billion euros.