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POLYFUEL EXPANDS INTO JAPAN

MOUNTAIN VIEW - 05/24/04 - The growing demand among Japanese companies for small, lightweight, and low-cost portable fuel cells has motivated PolyFuel to contract with a Tokyo-based representative - Nobuyuki Denda, former chairman of Intel KK and currently president and CEO of Denda Associates KK - to act on the company's behalf.

PolyFuel develops the membrane technology utilized by OEMs and fuels cell manufacturers to produce portable, methanol-powered fuel cells. The membranes the company designs allow methanol and water to combine to cost-effectively and efficiently generate electricity.
 
According to Allied Business Intelligence (ABI), the market for rechargeable batteries used in portable electronic devices is in the neighborhood of $5 billion per year with the market for portable fuel cells projected to grow to over 60 million units over the next five years.
 
Nobuyuki Denda has been Denda Associates' president and CEO since July 2001.
 
He previously served as Chairman of Intel KK, capping a career with that company that began when he established its first Japan sales force in 1971.

PolyFuel was spun out of SRI International - formerly the Stanford Research Institute - in 1999 after 14 years of applied membrane research.
 
The company is privately held with investors including Mayfield, Ventures West, Technology Partners, Intel Capital, and Chrysalix Energy.

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