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Amerada Hess Increases Ownership Stake in Nuvera
Fuel Cells
Amerada Hess Increases Ownership Stake in Nuvera
Fuel Cells Fortune 200 energy firm renews commitment to fuel cell
company by purchasing interest formerly held by Arthur D. Little
Milan / Cambridge, Mass., November 20, 2002 Nuvera
Fuel Cells, Inc., today announced that Amerada Hess has purchased
the ownership interest in Nuvera held by Dehon, Inc., the surviving
entity of the former Arthur D. Little, Inc. By virtue of the purchase,
Amerada Hess increased its ownership stake to 53 percent of Nuvera's
outstanding shares. The remaining Nuvera shares are held by Gruppo
DeNora, a technology licensing, engineering, and manufacturing company
headquartered in Milan, Italy.
The investment by Hess renews the firm's commitment to being
a significant part of Nuvera's successful efforts in developing
and commercializing fuel cell technology. "As a Fortune 200
company, Amerada Hess has achieved its success based on its ability
to make sound business and investment decisions," said Roberto
Cordaro, Nuvera's President and Chief Executive Officer. "We
are extremely pleased with Hess's renewed commitment to our
business strategy and direction, especially in these difficult economic
times." Cordaro further observed that Hess's investment
would facilitate the company's plan for future strategic investment
by others.
Amerada Hess
Amerada Hess Corporation (NYSE: AHC) headquartered in New York,
is a global integrated energy company engaged in the exploration
for and the production, purchase, transportation and sale of crude
oil and natural gas. Amerada Hess also engages in refining and markets
refined petroleum products, natural gas and electricity in the United
States. Hess specializes
in providing Total Energy Solutions to commercial, industrial, and
institutional end-users. Hess complements its asset-based supply
services with an integrated portfolio of advanced energy services.
About Nuvera
Nuvera Fuel Cells (www.nuvera.com) is a leading designer and developer
of fuel cell power systems, fuel processors, and fuel cell stacks
for the automotive, distributed generation, commercial, and industrial
markets. Since 1992, its fuel processors and PEM fuel cell stacks
have been successfully tested and evaluated by major automobile
and appliance manufacturers, research institutions, telecommunications
organizations, and industrial and energy companies. Nuvera's
fuel processors have demonstrated the ability to extract hydrogen
from a number of liquid and gaseous fuels, including gasoline, ethanol,
methanol, natural gas, kerosene, propane, butane, home heating oil,
and diesel.
Contact
Robert Derby
Director, Marketing Communications
Nuvera Fuel Cells
Tel: +1-617-245-7571
Fax: +1-617-245-7571
Cell: +1-508-254-9668
Email: derby.r@nuvera.com
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