ChevronTexaco, Hyundai Motor Co., and UTC Fuel Cells Launch Department of Energy Hydrogen Fleet and Infrastructure Demonstration and Validation Project

CHINO, Calif., Feb. 18 -- ChevronTexaco Technology Ventures LLC (CTTV), a subsidiary of ChevronTexaco Corp. (NYSE: CVX), unveiled its first Chevron Hydrogen energy station today at the Hyundai-Kia America Technical Center in California. The project is part of the U.S. Department of Energy (DOE) "Controlled Hydrogen Fleet and Infrastructure Demonstration and Validation Program."

The hydrogen energy station located in Chino, California is part of a five-year DOE cost-sharing program designed to demonstrate safe, practical hydrogen technologies in real-world settings. CTTV is leading the project in collaboration with Hyundai Motor Co. and UTC Fuel Cells.

"The Chevron Hydrogen energy station is a glimpse into the future of distributed energy with hydrogen production on site to fuel a small fleet of Hyundai's Tucson fuel cell demonstration vehicles powered by UTC Fuel Cells. ChevronTexaco's practical and cost-effective approach to producing hydrogen, where it is consumed, differs from other projects that have fuel delivered to their stations," said Dr. Donald Paul, ChevronTexaco Corporation's vice president and chief technology officer.

"Projects like this one are very important. Learning demonstrations like this station are an extension of our research and provide critical data to help ensure that future research is focused on the most important barriers," said DOE's Assistant Secretary for Energy Efficiency and Renewable Energy, David K. Garman. "We will demonstrate and measure technology progress towards the goal of hydrogen fuel at costs competitive with gasoline and fuel cell vehicles with the affordability and reliability of today's cars," added Garman.

"The value of investing in hydrogen technologies is of paramount importance to California and to the United States. Hydrogen offers many advantages, and is abundant; but is used primarily now for industrial purposes. ChevronTexaco, Hyundai, and UTC Fuel Cells are developing a way for consumers and others to put this energy to use in the future," said Congressman Gary Miller.

California Cabinet Secretary Terry Tamminen said, "This is an exciting day for Southern California and for the state. In developing and leading Governor Schwarzenegger's Hydrogen Highway Network, investment in the development of facilities like this one is exactly what he hoped to encourage and support because of its benefit to our environment and to our future energy needs."

Chino Mayor Dennis Yates said, "We're proud that our city has been chosen as the location for ChevronTexaco's first hydrogen energy station and we're excited to be part of this unique partnership with our community."

ChevronTexaco Technology Ventures provides proprietary technology to convert hydrocarbon feedstocks, such as natural gas, into hydrogen. This proprietary technology can be integrated into a hydrogen fueling and power system to support hydrogen powered fleets and to provide clean electric power. The Chino site is designed for fleets only and does not include a stationary fuel cell. Future full-scale hydrogen energy stations could be designed to include a stationary fuel cell to generate ultra clean power.

Hyundai Motor Co. is a leader in adapting fuel cell technology for automotive applications. Hyundai became a member of the California Fuel Cell Partnership in 2000, and its first-generation vehicles are decorated veterans of the Michelin Challenge Bibendum -- an international competition for alternative energy vehicles. In 2003, Hyundai and UTC Fuel Cells agreed to collaborate on Hyundai's second-generation fuel cell vehicles based on the new Hyundai Tucson and Kia Sportage SUV platforms. These vehicles will feature greater range (almost 200 miles), more power (80kw) and be capable of starting in freezing temperatures.

UTC Fuel Cells is aggressively developing Proton Exchange Membrane (PEM) fuel cell technology for automotive and fleet vehicle applications. UTC Fuel Cells' proprietary ambient-pressure approach to fuel cell design allows for a quieter, smaller, and more efficient fuel cell system that is easier to install in a vehicle.

The first vehicle demonstrated at the site was driven by legendary race car driver Mario Andretti, who drove-up in one of Hyundai's Tucson fuel cell SUVs to show how fueling stations of the future may operate.

In a related announcement in Orlando, the state of Florida today announced an agreement with Ford Motor Co. and ChevronTexaco subsidiary ChevronTexaco Hydrogen Co., to construct a hydrogen energy station to fuel Ford hydrogen internal combustion engine shuttles for use at the Orlando International Airport.

Notes to Editor:
1. ChevronTexaco Hydrogen Co. will be building up to six hydrogen energy stations under the DOE cost-sharing program, many of which will be located in California. The stations are designed to demonstrate and validate safe, practical hydrogen technologies in real-world settings.
2. ChevronTexaco, Hyundai and UTC Fuel Cells are members of the California Fuel Cell Partnership which operates a hydrogen demonstration station in Sacramento, California.

About ChevronTexaco:

ChevronTexaco Corporation is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif. More information on ChevronTexaco is available at www.chevrontexaco.com.

ChevronTexaco Technology Ventures L.L.C., a subsidiary of ChevronTexaco Corp., identifies, develops, and commercializes emerging technologies and new energy systems that have the potential to create economic value for the company. These include investments in hydrogen-related technologies, advanced energy storage technologies, renewables, and nanotechnology. ChevronTexaco Hydrogen Company, a division of Chevron U.S.A. Inc., is a subsidiary of ChevronTexaco that designs and builds hydrogen energy stations.

About Hyundai Motor Co.:

Established in 1969, Hyundai Motor Co. has grown into the Hyundai Automotive Group, which includes Kia Motors Corp. and more than two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at www.hyundai-motor.com.

Hyundai-Kia America Technical Center, Inc. is a wholly owned subsidiary of Hyundai Motor Company of Korea. It is responsible for the technical development of automobiles in North America, including governmental certification issues. Its headquarters are located in Ann Arbor, Mich., with two branch offices in the Los Angeles area.

About UTC Fuel Cells:

UTC Fuel Cells, a unit of UTC Power, is a world leader in fuel cell production and development for commercial, transportation, and space applications. UTC Power is a proven, single-source provider of clean power solutions with over 40 years of experience. More information on UTC Power and UTC Fuel Cells can be found at www.utcpower.com.

United Technologies Corp. (NYSE: UTX), based in Hartford, Conn., is the parent of UTC Power and six other companies that provide high technology products and services to the commercial building and the aerospace industries.

SOURCE ChevronTexaco Corp.