press release

U.S. Army and Chevron Technology Ventures Partner in Development of Hydrogen Fueling Technologies

HOUSTON, Sep. 29, 2005 -- Chevron Technology Ventures LLC has signed its first Cooperative Research and Development Agreement (CRADA) with the U.S. Army's Tank and Automotive Research, Development and Engineering Center (TARDEC) to further hydrogen fueling technologies. This agreement is the first CRADA for the development of hydrogen infrastructure technologies between a major international integrated energy company or its subsidiary and TARDEC. It establishes a formal relationship under which Chevron Technology Ventures and TARDEC can collaborate and share knowledge and resources to install, test, evaluate and demonstrate integrated hydrogen production and infrastructure technologies.

"The goal is to ensure that the potential of hydrogen fueling technology is explored and can be applied where practical in military and civilian applications as a new source of energy for transportation and power needs," said Rick Zalesky, president of Chevron Technology Ventures' Hydrogen business unit. TARDEC's expertise in the testing and evaluation of vehicle platforms and fueling infrastructure provides an excellent testing ground for this promising new technology and fuel.

Chevron Technology Ventures is researching and demonstrating hydrogen energy stations which provide hydrogen for both hydrogen-fueled fuel cells and internal combustion engine vehicle fleets, and stationary power applications. Several additional hydrogen energy demonstration projects will be in operation under previously announced programs with the U.S. Department of Energy, the State of Florida, and the Alameda-Contra Costa Transit Authority. The first station is currently operating in Southern California and has the capability to provide hydrogen to a fleet of fuel cell vehicles.

"We were particularly interested in creating this CRADA because of the opportunities that hydrogen infrastructure can provide at military facilities. Public/private collaborations such as the U.S. Army and Chevron Technology Ventures are necessary to help support this type of development," said Dennis Wend, Executive Director of the TARDEC's National Automotive Center.

The Federal Government may enter into a CRADA with industry, university, not-for-profit, as well as a state or local governments. Under a CRADA arrangement, parties may contribute people, equipment and facilities for the research and development of an agreed upon objective.

Chevron Technology Ventures and TARDEC will each fund their own contribution to this collaborative effort. Both parties will contribute resources and expertise to the effort and share the lessons learned under this agreement.

TARDEC and Chevron Technology Ventures will next identify and develop appropriate technologies and projects for collaboration, such as, a hydrogen energy station incorporating Chevron's proprietary integrated hydrogen production technologies.

About Chevron Technology Ventures

Chevron Technology Ventures LLC, a subsidiary of Chevron 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 nanomaterials.

Updated: September 2005