PRESS RELEASES

POLYFUEL SELECTED AS WORLD ECONOMIC FORUM TECHNOLOGY PIONEER FOR 2005 FOR ITS BREAKTHROUGH FUEL CELL TECHNOLOGY
“Companies that Represent the Most Innovative and Transformational Technologies”

MOUNTAIN VIEW, CA – December 6, 2004 – PolyFuel Inc. has been chosen as a 2005 Technology Pioneer by the World Economic Forum. Technology Pioneers are selected for developing and applying the most innovative and transformational technologies worldwide. This year’s honorees are at the leading edge in fields such as nanotechnology, drug development, renewable energy and wireless technology, and have the potential to significantly impact business and society.

PolyFuel, which is the leader in engineered membranes for fuel cells, has pioneered technology that has the potential to change both the economics and the performance characteristics of fuel cells for portable devices and for automobiles. PolyFuel’s technology, a sophisticated film of “plastic” that is the heart of the fuel cell - and dictates its performance - is a breakthrough. The membrane uses a new chemistry, based on hydrocarbons, instead of an older one based upon fluorocarbons - used in most commonly available membranes until now.

“We are very proud to have been chosen by the World Economic Forum as a Technology Pioneer for 2005,” said Jim Balcom, PolyFuel’s president and CEO. “PolyFuel is committed to continuing its breakthrough work to change the landscape of both portable and automotive power.”

Balcom noted that the company has received other recognition this year as well, citing a grant from the US Department of Energy, which chose PolyFuel to work on a portable fuel cell application alongside Intel Corporation, and from Frost & Sullivan, which named the company’s technology “Enabling Technology of the Year for 2004 for Power Supplies and Batteries.”

To date, PolyFuel has launched new fuel cell membrane technology for portable device applications using methanol as the fuel, and hydrogen-based fuel cell technology for use in automobiles. The company, which has been able to develop its breakthroughs in less than two years, credits a unique and sophisticated membrane engineering process for the speed and quality of its new developments.

About the World Economic Forum’s Technology Pioneers Program

In line with the World Economic Forum’s commitment to improving the state of the world, the Technology Pioneers program was established in 2000 to provide a new perspective on technological change. The program is run by the Forum with Apax Partners and Deloitte Touche Tohmatsu as strategic partners. Through its Technology Pioneers program, the Forum identifies and integrates those companies around the world that are involved in the design and development of new technologies. Each innovation, whether it has large or small consequences, represents another step in society’s attempt to harness, adapt and utilize technology to change and improve our world. The World Economic Forum is invested in monitoring and highlighting these innovations and exploring possible societal repercussions.

Each year members, constituents and collaborators of the World Economic Forum nominate Technology Pioneers. The criteria for selection include:

1. Innovation. The company’s technology must be truly innovative. A new version or repackaging of an already well-accepted technological solution does not qualify as an innovation. The innovation should be recent - not more than two years old. The company should invest significantly in R&D.

2. Potential Impact. This company’s technology must have the potential to have a substantial long-term impact on business and society in the future.

3. Growth and Sustainability. The company should have all the signs of a long-term market leader and should have well-formulated plans for future development and growth.

4. Proof of Concept. The company must have a product on the market or have proven practical applications of the technology. Companies in “stealth” mode and companies with untested ideas or models will not qualify.

5. Leadership. The company must have visionary leadership that plays a critical role in driving the company towards reaching its goals.

6. Status. The company must not currently be a Member of the World Economic Forum. This criterion applies to the parent company - thus wholly-owned subsidiaries of large firms are not eligible.

Nominees are evaluated by an external review committee comprised of technology experts with respect to the criteria above. The World Economic Forum (www.weforum.org), based in Geneva, Switzerland, is an independent organization committed to improving the state of the world. Funded by the contributions of 1,000 of the world’s foremost corporations, the Forum acts in the spirit of entrepreneurship in the global public interest to further economic growth and social progress. The Forum serves its members and society by creating partnerships between and among business, political, intellectual and other leaders of society to define, discuss and advance key issues on the global agenda. Incorporated in 1971 as a foundation, the World Economic Forum is impartial and not-for-profit, and is tied to no political, partisan or national interests. In 1995 the Forum was awarded NGO consultative status with the Economic and Social Council of the United Nations.

About PolyFuel

PolyFuel is a world leader in engineered membranes that provide breakthrough performance in fuel cells for portable electronic and automotive applications. The state of the art of fuel cells is essentially that of the membrane, and PolyFuel’s leading-edge, hydrocarbon-based membranes enable a new generation of fuel cells that for the first time can deliver on the long-awaited promise of clean, long-running, and cost-effective portable power, based upon renewable energy sources.

PolyFuel’s unmatched capability to rapidly translate the system-level requirements of fuel cell designers and manufacturers into engineered polymer nano-architectures has led to its introduction of best-in-class hydrocarbon membranes for both portable direct methanol fuel cells and for automotive hydrogen fuel cells. Such capability - based on PolyFuel’s over 150 combined years of fuel cell experience, world-class polymer nano-architects, and a fundamental patent position covering more than 17 different inventions - also makes PolyFuel an essential development partner and supplier to any company seeking to advance the state of the art in fuel cells. Polymer electrolyte fuel cells built with PolyFuel membranes can be smaller, lighter, longer-running, more efficient, less expensive and more robust than those made with other membrane materials.

PolyFuel was spun out of SRI International (formerly the Stanford Research Institute) in 1999, after 14 years of applied membrane research. The company is based in Mountain View, California, and is privately held. Investors include Mayfield, Ventures West, CDP Capital - Private Equity, Technology Partners, Intel Capital, Chrysalix Energy, Conduit Ventures, KTB Ventures, Hotung Venture Partners, Yasuda Enterprise Development, and BiNEXT, a part of the Daesung Group.


Editors’ Note: All trademarks and registered trademarks are those of their respective companies. Additional background information is available at www.roeder-johnson.com.