Astris Energi Inc.

Astris Energi Inc.

February 24, 2005 10:20 ET

Astris Energi Signs Co-Venture Agreement with Plasma Environmental Technologies


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ASTRIS ENERGI INC.

OTC Bulletin Board SYMBOL: ASRNF

FEBRUARY 24, 2005 - 10:20 ET

Astris Energi Signs Co-Venture Agreement with Plasma
Environmental Technologies

MISSISSAUGA, ONTARIO--(CCNMatthews - Feb. 24, 2005) - Astris Energi Inc.
(OTC Bulletin Board:ASRNF), the world's leading alkaline fuel cell (AFC)
technology company, announced today that it has signed a Teaming
Agreement with Plasma Environmental Technologies Inc. (PET)(TSX
VENTURE:PE) of Burlington, Ontario for the development of a real-world
installation utilizing PET's hydrogen-producing waste processing system
and Astris' AFC technology.

PET co-owns the rights with Kinectrics Inc. to a plasma-assisted
gasifier ("PAG") technology that allows for the destruction of municipal
solid wastes, both hazardous and non-hazardous, and converts them into a
syngas that is rich in hydrogen. Waste (feedstock) that may be converted
into hydrogen by the PAG includes sorted municipal solid waste (MSW)
with a high BTU value, agricultural waste, de-watered sludges, and
chipped tires. The energy produced can either be sold, or used
internally to supplement the site's electricity costs. This form of
distributed, alternative energy is a rapidly growing niche market.

The first of three phases outlined in the agreement will be to determine
the suitability of the hydrogen gas produced in the PAG waste
destruction process for use in Astris' hydrogen AFC systems and for PET
to make adjustments, if necessary to their current PAG.

Upon completion of Stage 1, Stage 2 of the Agreement calls for PAG
installations that will be developed to demonstrate the practical
application of the PAG process in conjunction with Astris' AFC-powered
generators. It is anticipated that this Stage will be financed by
appropriate stakeholders such as local, provincial, or federal
governments, or special interest groups.

In addition, PET has agreed to introduce Astris to any of its current or
future clients who might desire to purchase or use Astris' services or
products. For this, PET will be paid a mutually agreed to commission.

"Hydrogen distribution is currently a large component of the total fuel
cost for our fuel cell systems, directly impacting operations costs,"
said Peter Nor, VP Marketing and Corporate Development of Astris Energi.
"The PAG installation could supply hydrogen where it is needed. The
waste stream produced at a manufacturing plant for example, could be
used to produce fuel for special purpose vehicles powered by AFCs, such
as fork-lift trucks and golf cars. This Agreement with PET has the
potential to develop significant new revenue streams for Astris."

"The Agreement with Astris Energi represents another significant
opportunity for Plasma Environmental Technologies," said John Wright,
President and CEO of PET. "Astris' AFC technology is a natural fit for
our PAG process since it is more tolerant of certain impurities in the
fuel stream and the installation site will be another demonstration of
the practicality of our technology. We are excited with the opportunity
to partner with Astris Energi."

About Astris Energi Inc. (www.astris.ca)

Astris is a late-stage development company committed to becoming the
leading provider of affordable fuel cells and fuel cell generators
internationally. Over the past 21 years, more than $17 million has been
spent to develop Astris' alkaline fuel cell for commercial applications.
Astris is commencing pilot production of its POWERSTACK™ MC250
technology in 2005. Astris is the only publicly traded company in North
America focused exclusively on the alkaline fuel cell. Additional
information is also available at the company's website.

About Plasma Environmental Technologies Inc.
(www.plasmaenvironmental.com)

Plasma Environmental Technologies Inc. is a Canadian public company that
trades on the Canadian Venture Exchange (symbol: PE). PET develops and
markets plasma-based systems for the safe and cost-effective destruction
of hazardous and non-hazardous wastes. Plasma technology is a thermal,
non-incineration process that destroys liquid, gaseous, and solid wastes
by breaking apart their molecular bonds and reforming them into
non-hazardous by-products or commodities for commercial use.

About Kinectrics (www.kinectrics.com)

Kinectrics was formerly a division of Ontario Hydro and is now an
independent company formed to help the North American energy sector
improve business performance through science and engineering. Based in
Toronto, Kinectrics applies its expertise to generation, transmission,
distribution, and industrial energy services. Kinectrics is also
internationally renowned in the field of environmental engineering,
including applications of plasma arc technology.

Forward-Looking Statements

Any statements in this release that are not statements of fact may be
considered "forward looking statements" as that term is defined under
securities laws in the United States and Canada. Forward-looking
statements are only predictions and may differ materially from actual
events or results.


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