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Our latest news release crossed the wires at 1:15 p.m. PT today, May 3rd,
2001.

Here is a link to access the press release via our website:

http://www.catalyticaenergy.com/news/news010503.html



Catalytica Energy Systems Reports First Quarter Financial Results
MOUNTAIN VIEW, CA (May 3, 2001) - Catalytica Energy Systems, Inc. (Nasdaq:
CESI), a leader in the discovery, development, and manufacture of advanced
energy products that enable essentially pollution-free power production,
today reported financial results for the first quarter ended March 31, 2001.
Catalytica Energy Systems was spun off from Catalytica, Inc. and became a
public company in December 2000.
Revenues for the first quarter of 2001 were $1,446,000, compared with
$1,275,000 for the same period of the prior year, primarily reflecting
funding from collaborations that support the commercialization of Xonon(tm)
Cool Combustion. Net loss for the quarter was $3,725,000, or a loss of $0.29
per share. The prior year net loss was $953,000.
"These results are in line with our expectations for the quarter. They
reflect an increased investment in research and development that has enabled
us to achieve a number of recent milestones including the shipment of Xonon
modules for testing as part of our programs with Kawasaki and GE. In fact,
the modules that we shipped to Kawasaki are being used to support commercial
installation of Xonon-equipped turbines later this year. The modules that we
shipped for the GE10 turbine will support GE's first commercial shipment of
the Xonon-equipped GE10, currently scheduled for the second half of 2002,"
stated Craig Kitchen, president and CEO of Catalytica Energy Systems.
Kitchen continued, "Now that our product is commercially available, we have
added and re-aligned key personnel to strengthen our efforts on this front.
Ron Alto recently joined us as a vice president to head up our sales,
marketing, and service efforts. In the interest of expanding our presence in
the gas turbine market, Ron has been charged with conducting promotional
activities to help end-users of gas turbines understand the value of Xonon
and the benefits of its ultra-low emissions capabilities. Also during the
quarter, we continued the process of transforming our infrastructure to that
of a stand-alone public entity. Our efforts on both fronts resulted in an
increase in selling, general and administrative expenses during the
quarter."
In other news, Catalytica Energy Systems announced that Larry Briscoe
resigned from its Board of Directors effective April 3, 2001. Mr. Briscoe
formerly acted as chief financial officer and director of Catalytica, Inc.
prior to the spin-off of Catalytica Energy Systems from Catalytica, Inc.
last December. Catalytica Energy Systems does not plan to immediately fill
Mr. Briscoe's seat on the Board.
The Company will host a conference call Thursday, May 3, 2001 at 1:45 PM
(PST) to discuss its financial results along with its outlook for the
remainder of 2001. The call will be broadcast live over the Internet and can
be accessed via the Company's website at www.CatalyticaEnergy.com. An
archived version of the webcast will be available for replay on the
Company's website beginning approximately two hours following the conclusion
of the live call, and continuing for a period of one week following the
call.
Catalytica Energy Systems develops proprietary technologies that use
catalysts to create energy solutions for essentially pollution-free,
reliable power. Its first product, Xonon Cool Combustion, is a breakthrough
combustion technology that achieves ultra-low emissions levels for gas
turbine power production. Xonon essentially prevents pollution, particularly
nitrogen oxides (NOx), a primary contributor to smog, through a proprietary
catalytic combustion process. Find Catalytica Energy Systems on the
worldwide web at www.CatalyticaEnergy.com.
This news release contains forward-looking statements regarding
commercialization of Catalytica Energy Systems' Xonon Cool Combustion
system, product shipment, the incorporation of Xonon into GE and Kawasaki
gas turbines, the scheduled delivery of Xonon-equipped GE and Kawasaki gas
turbines by Catalytica Energy Systems, the deployment of Xonon-equipped gas
turbines at project sites, the market demand for Xonon-equipped gas
turbines, the Company's ability to increase Xonon's visibility in the
market, and the competitive position of Catalytica Energy Systems. Actual
results could differ and such differences could be material. These
statements involve risks and uncertainties, including without limitation,
the risk that there may be unanticipated technical, commercial or other
factors related to the incorporation of Xonon into GE and Kawasaki gas
turbines or the arrangements between Catalytica Energy Systems and each of
GE and Kawasaki for the supply of Xonon-equipped gas turbines, that
marketing, project development and installation timelines and regulatory
review outcomes are uncertain and that anticipated deadlines may not me met,
that results may differ from those stated and the other risks set forth in
Catalytica Energy Systems' Form 10-K for the year ending December 31, 2000
filed with the Securities and Exchange Commission. Catalytica Energy Systems
undertakes no obligation to update publicly any forward-looking statements
to reflect new information, events or circumstances after the date of this
release. Investors are encouraged to review Catalytica Energy Systems' Form
10-K for additional factors that could affect Catalytica Energy Systems'
future performance.
Editor's Note: Xonon and Xonon Cool Combustion are registered trademarks of
Catalytica Energy Systems, Inc. Mountain View, CA, USA

CATALYTICA ENERGY SYSTEMS, INC. REPORTS FIRST QUARTER
FINANCIAL RESULTS

Catalytica Energy Systems, Inc.
Condensed and Consolidated Statements of Operations (1.)
(in thousands, except per share amounts)
(unaudited)

Three Months Ended
March 31,
2001 2000
Revenues:
Research and development contracts $1,446 $1,275

Costs and expenses:
Research and development 4,093 1,141
Selling, general and administrative 1,825 1,094
----- -----

Total costs and expenses 5,918 2,235

Operating loss (4,472) (960)

Interest income, net 789 7
Sublease income, net 82 --
Loss on equity investments (124) --
------ -----

Net loss $(3,725) $(953)

Basic and diluted net loss per share $(0.29) $(1.87)

Shares used in computing net loss
per share: (2.) 12,827 510


Note (1.) In December 2000, Catalytica Advanced Technologies, Inc.
was merged into Catalytica Energy Systems, Inc. The results for all
periods presented in these financial statements represent the combined
balance sheets and combined statements of operations of Catalytica
Advanced Technologies, Inc. and Catalytica Energy Systems, Inc.

Note (2.) Prior to December 2000, Catalytica Energy Systems
operated as a subsidiary of Catalytica, Inc. Accordingly, shares used
to compute the net loss per share for the quarter ended March 31, 2000,
were the actual number of shares in existence prior to the spin-off.


CATALYTICA ENERGY SYSTEMS, INC. REPORTS FIRST QUARTER
FINANCIAL RESULTS

Catalytica Energy Systems, Inc.
Condensed Consolidated Balance Sheet*
(in thousands)
(unaudited)

March 31, 2001 December 31, 2000

ASSETS:

Cash and short-term investments $53,446 $58,712
Accounts and notes receivable, net 1,763 2,348
Inventory 349 180
Other current assets 531 524
------ ------
Total current assets 56,089 61,764

Property and equipment 13,421 13,592
Less accumulated depreciation and
amortization (8,444) (8,062)
4,977 5,530
Other assets 2,558 478
------ ------
$63,624 $67,772



LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities $9,334 $10,058
Current portion of long-term debt 155 155
------ -------
Total current liabilities 9,489 10,213

Long-term debt 78 89

Stockholders' equity 54,057 57,470
$63,624 $67,772

*Note: In December 2000, Catalytica Advanced Technologies, Inc. was
merged into Catalytica Energy Systems, Inc. The results for all periods
presented in these financial statements represent the combined balance
sheets and combined statements of operations of Catalytica Advanced
Technologies, Inc. and Catalytica Energy Systems, Inc.




Megan Ravel
Manager, Investor Relations
Catalytica Energy Systems, Inc.
430 Ferguson Drive
Mountain View, CA 94043-5272
Tel. 650/940-6253
Fax 650/960-0127
E-Mail: mravel@catalyticaenergy.com

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