Phase One of Fuel Cell Contract Finalized

November 6, 2002 [] Fuel Cell Technologies Corporation (FCT) has finalized the first half of a 4-year, US$3.6 million contract with Siemens Westinghouse Power Corporation (SWPC) under Phase 1 of the U.S. Department of Energy’s (DOE) Solid State Energy Conversion Alliance (SECA). FCT will receive proceeds from the contract beginning September 2002. The current purchase order covers the first two (2) years of FCT’s work on SECA’s planned 10-year program. As a member of SWPC’s SECA team, FCT has the opportunity to work with high profile, multi-sector, world-class companies to significantly reduce solid oxide fuel cell (SOFC) system costs.

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