The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Energy Research Corp. Announces Fuel Cell Contract

16 September 1998

Energy Research Corp. Announces $3.0 Million Fuel Cell Contract

    DANBURY, Conn.--Sept. 15, 1998--Energy Research Corporation (AMEX:ERC) announced today that it had signed a contract from the Naval Surface Warfare Center - Carderock, for an additional $3.0 million to continue development of the Company's Direct Fuel Cell for naval applications. This is an expansion of the $1.6 million contract ERC announced on September 30, 1997. ERC's licensee, MTU an affiliate of Daimler-Benz will provide support for the fuel cell stack configuration in this effort.
    "The Navy is interested in determining whether our fuel cells, with their high efficiency, low noise, and ability to make use of the many readily available fuels, might be the best solution for shipboard auxiliary power." said Jerry D. Leitman, CEO of ERC. "We are very pleased the Navy wants us to continue this work. The potential for the development and use of fuel cells in the maritime market for shipboard service may present significant future opportunities for the Company."
    Energy Research Corporation, located in Danbury and Torrington, Connecticut, is an internationally recognized leader in the field of electrochemical technology for electric power generation and storage. ERC is developing its Direct Fuel Cells and batteries through funding from and in cooperation with Government, electric utility, and major international industrial organizations.
    This press release contains forward-looking statements regarding the continuation of the contract with the Naval Surface Warfare Center and with respect to commercial opportunities for sales of fuel cells in the maritime market. The successful development and commercialization of the fuel cells for naval or other maritime applications involve significant risks and uncertainties. There can be no assurance that the development, commercialization and sale of ERC's fuels cells for the U.S. Navy or for other maritime uses, will be successful. The forward-looking statements in this press release speak only as of this date. ERC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in ERC's expectation with regard thereto or any change in events, conditions or circumstances on which any such statement is based.