press release

ChevronTexaco Technology Ventures Expands Organizational Capability in Fuel Cells and Fuel Processing

Company Acquires Dais-Analytic Corporation's Fuel Cell and Fuel Processing Expertise

HOUSTON, April 8, 2002 -- ChevronTexaco Technology Ventures today announced the acquisition of certain assets of Dais-Analytic Corporation's fuel processing and fuel cell group by one of its units, Analytic Energy Systems, LLC, a newly formed subsidiary of ChevronTexaco Corp. Financial terms were not disclosed.

The investment augments ChevronTexaco's existing capabilities in reforming technology to provide comprehensive fuel processing and fuel cell system integration solutions that meet the needs of fuel cell system developers by providing reliable, cost-effective systems that generate hydrogen -- the fuel needed by fuel cells -- from readily available hydrocarbons including natural gas, propane, gasoline and diesel.

Under the agreement, ChevronTexaco will acquire Dais-Analytic's Woburn, Mass., facility and retain approximately 20 employees, which will continue to develop and commercialize fuel reforming technology and fuel cell systems integration technology as Analytic Energy Systems LLC. Dais-Analytic is a privately owned energy technology company headquartered in Florida involved in the commercialization of advanced polymer materials, energy recovery ventilator products, and other materials-based components and subsystems for fuel cells and other energy products.

ChevronTexaco Technology Ventures, a newly formed operating unit of ChevronTexaco, is actively engaged in developing and commercializing new and emerging energy technologies including fuel cells, fuel processing systems, hydrogen storage, hydrogen infrastructure, hydrocarbons-to-liquids, and advanced batteries. ChevronTexaco Technology Ventures is also a venture capital investor in innovative technologies representing new market opportunities for the next generation of energy-efficient technologies.

Commenting on the acquisition, Greg Vesey, president of ChevronTexaco Technology Ventures, said, "In this field, our goal is to be the leading supplier of integrated and on-site fuel processing systems that convert widely available hydrocarbon fuels into hydrogen rich fuel streams for fuel cell systems. This acquisition complements ChevronTexaco's proven strengths in fuel processing through the addition of an industry-recognized team experienced in all aspects of fuel cell and fuel processing system development.

"The ability to convert or process readily available hydrocarbons into hydrogen is a critical step in enabling widespread commercialization of fuel cells. ChevronTexaco is committed to the development and marketing of energy technologies, and this venture is a key part of our strategy," added Vesey.

ChevronTexaco Corp.

Headquartered in San Francisco, ChevronTexaco Corp. is an integrated global energy company participating in virtually all aspects of the global energy business. It is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. ChevronTexaco Technology Ventures, a unit of ChevronTexaco Corp., based in Houston, Texas, is involved with identifying, developing and commercializing new and emerging technologies and energy systems that promise to play an increasingly important role in the world's energy mix. Such activities include fuel processing, hydrogen storage, advanced batteries, fuel cells and methods of converting solid, liquid and gaseous hydrocarbons into clean liquid fuels.

This press release may contain a number of forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, any statements made concerning ChevronTexaco Corporation's expected performance and financial results in future periods are based upon ChevronTexaco Corporation's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to ChevronTexaco Corporation, among others, could cause their actual results to differ materially from those described in the forward-looking statements: inaccurate scientific data; mechanical, chemical and technological failures; decreased demand for alternative fuels and other products; above or below-average product and technology demands; worldwide and industry economic conditions; higher costs, expenses and interest rates; the outcome of pending and future litigation and governmental proceedings; continued availability of financing; and strikes and other industrial disputes.

Updated: April 2002