Palcan Energy Corporation (the "Company" or "Palcan") is a private Vancouver based company. Palcan's office and laboratory are within the newly built premises for Canada's NRC-IFCI (National Research Counsel-Institute for Fuel Cell Innovation). The address is at 1152-4250 Wesbrook Mall, Vancouver, British Columbia, Canada. Being located within the NRC-IFCI facility affords Palcan access to a "state of the art" analytical lab and equipment and be close to innovators that are working on a vairety of fuel cell innovations thus assisting Palcan to be aware of the latest technology in its feild. The Company was found in 1998 by Dr. Shen to commercialize: A) smaller fuel cell power systems based on "proton exchange membrane" technology (PEM); and B) a mobile storage system for hydrogen using Palcan's metal hydride storage technology.

Palcan is a leading developer and manufacturer of Proton Exchange Membrane (PEM) fuel cell systems ranging from 100 watts (W) to 5 kilowatts (kW) and rare earth metal hydride hydrogen storage products.

The Company occupies a unique niche in the fuel cell industry, as it can offer a "complete product solution", providing both fuel cell power and fueling infrastructure for low power applications.

Palcan has established relationships with major, key material suppliers, to work together to develop low-cost component and manufacturing capabilities in Asia for both fuel cells and rare earth metal hydride hydrogen storage products.

Vision

Palcan's vision is to be a world leading product developer and manufacturer of hydrogen storage products and proton exchange memebrane fuel cell systems less than 5 kW. The Company plans to aggressively evolve from a research and development company to a production company through its continual emphasis on design for mass production, developing manufacturing capabilities, and focusing on early term markets.

Palcan's core competency and ongoing focus is to enhance the performance of the fuel cell system, while reducing costs through the development and incorporation of low-cost materials, processes and system simplification.

Manufacturing: Palcan is currently manufacturing prototypefuel cell stacks, in limited production runs, in its Vancouver facility. The Company is also pursuing longer-term manufacturing opportunities and joint ventures in Asia. Palcan is working closely with the highest-level of government and business leaders in China to establish a fuel cell manufacturing facility in China. These plans also include forming a "cluster" of industry related companies specializing in fuel cell component manufacturing and material supplies within a new, state-of-the-art industrial park. This type of collaboration will provide access to financial and logistical support from the Chinese government to the fuel cell industry. Palcan's metal hydride alloy and related prototype hydrogen storage canisters are produced in a joint venture in Jiaxing, China that has an annual production capacity of 80,000 kg. of alloy production.

Sales & Marketing: Palcan's sales and marketing strategy is to sell its fuel cell systems directly to original equipment manufacturers (OEM's), including major sales and marketing organizations, who will utilize their existing sales, distribution and service networks to sell direct to consumers within each of their target markets. Palcan is entering into agreements with OEM's worldwide, which generally involve joint venture relationships. These joint venture relationships provide access to system integration, manufacturing, sales, distribution and service resources to facilitate rapid market entry. Palcan offers OEM's the added advantage of a 'complete product solution', providing both fuel cell power and a fuelling infrastructure.

Fuel Cell Opportunities

The world is moving toward a new, hydrogen-based energy system. Economic forces include:

• Increasing global demand for power
• Decreasing supply and rising cost of fossil fuels
• Demand for high quality, reliable power to support the rapidly expanding "digital world"

• Government efforts and public demands to reduce pollution and increase quality of life
• High cost and environmental issues linked to replacing ageing infrastructure
• Security associated with energy self-sufficiency

As a result of these forces, the fuel cell will replace the internal combustion engine and batteries as the world's primary mobile power source. Fuel cells deliver reduced emissions and superior performance. Their secondary benefits are equally significant. Hydrogen will become a primary fuel, produced from multiple sources including renewables like water and biomass. Hydrogen can be produced using green energy such as hydro, wind and solar power. The advantages of decreased fossil fuel dependence and reduced pollution are driving world-wide government support for fuel cell system development. The new hydrogen age is creating opportunities for new businesses on the scale similar to those created by the introduction of the internal combustion engine at the turn of the last century.

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