Amerada Hess Increases Ownership in Nuvera

November 26, 2002 by Jeff Shepard

Nuvera Fuel Cells Inc. (Cambridge, MA) announced that Amerada Hess Corp. has purchased the ownership interest in Nuvera held by Dehon Inc., the surviving entity of the former Arthur D. Little Inc. By virtue of the purchase, Amerada Hess increased its ownership stake to 53 percent of Nuvera's outstanding shares. The remaining Nuvera shares are held by Gruppo DeNora (Milan, Italy), a technology licensing, engineering and manufacturing company.

"As a Fortune 200 company, Amerada Hess has achieved its success based on its ability to make sound business and investment decisions," said Nuvera President and Chief Executive Officer Roberto Cordaro. "We are extremely pleased with Hess's renewed commitment to our business strategy and direction, especially in these difficult economic times."