press release

ChevronTexaco Technology Ventures' HALIAS™ Fuel Processor to Supply Hydrogen to Fuel Cell Test Station

Stand Alone/Fully Integrated Fuel Processor Turns Natural Gas/ Propane into Hydrogen

HOUSTON, June 11, 2003 -- ChevronTexaco Technology Ventures (CTTV), a unit of ChevronTexaco Corp., announced today that its hydrocarbon fuel processor HALIAS™ was selected by Hydrogenics Corp., through its subsidiary Greenlight Power Technologies in Canada, for use in Greenlight's fuel cell testing station as part of the Fuel Cells Canada demonstration program.

Greg Romney, vice president of fuel cells and fuel processing for ChevronTexaco Technology Ventures, said, "I am very pleased that CTTV's HALIAS™ fuel processing system is a part of the demonstration program with Fuel Cells Canada in Vancouver. We look forward to collaborating with Greenlight and Fuel Cells Canada in this project to develop a world-class fuel cell testing and evaluation facility, with on-site hydrogen generation provided by our HALIAS™ system. Demonstration projects such as these are important in order to continue to address the challenges in providing the fuel necessary to power fuel cells and provide fuel cell solutions that will meet customers needs for performance, efficiency and cost effectiveness."

HALIAS™ is one of the first fuel processors -- and one of many -- fuel processing and hydrogen generation solutions being pursued by CTTV. It can turn natural gas or propane into hydrogen and features a compact single-reactor design, an integrated anode tail gas oxidizer and proprietary control systems architecture which are intended to give greater integration and testing flexibility to fuel cell developers and testers.

In addition to working with Proton Exchange Membrane (PEM) fuel cell developers and testers on their early-stage integrated power systems, CTTV is also looking at the HALIAS™ platform to develop compact hydrogen generator refueling appliances for hydrogen refueling demonstrations.

ChevronTexaco is an integrated, global energy company that operates in over 180 countries and employs more than 55,000 people worldwide. In addition to supplying global energy, ChevronTexaco is involved in numerous advanced clean energy and fuel technologies. ChevronTexaco, through ChevronTexaco Technology Ventures (CTTV), invests in and pursues commercialization of a broad spectrum of energy related technologies and is also an active venture capital investor. CTTV commercialization activities currently include hydrogen systems, advanced batteries, fuel processing and fuel cell related technologies and the development of hydrogen infrastructure solutions.

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's expected performance and financial results in future periods are based upon ChevronTexaco'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 among others, could cause 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. In addition, you are encouraged to review ChevronTexaco's latest reports filed with the SEC, including but not limited to ChevronTexaco's Annual Report on Form 10-K, which describe a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release.

Updated: June 2003