Document:

EXHIBIT 10.5

                              INVESTMENT AGREEMENT

     This Investment Agreement is made as of March 30, 2000, by and among
Amerada Hess Corporation, a Delaware corporation ("Hess"), Arthur D. Little,
Inc., a Massachusetts corporation ("ADL" and, together with Hess, the
"Stockholders"), and Epyx Corporation, a Delaware corporation ("Epyx").

                              W I T N E S S E T H:
                              -------------------

     WHEREAS, ADL desires to sell, and Hess desires to purchase, shares of
common stock of Epyx, on the terms and conditions set forth in this Agreement;
and

     WHEREAS, the Stockholders desire to provide for certain matters with
respect to their ownership of common stock of Epyx and other securities of
Epyx.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

ARTICLE I.  DEFINITIONS

     The following capitalized terms, as used in this Agreement, shall have the
meanings set forth below.

     An "Affiliate" of any Person means a Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by or is under
common control with the first mentioned Person. A Person shall be deemed to
control another Person if such first Person possesses directly or indirectly
the power to direct, or cause the direction of, the management and policies of
the second Person, whether through the ownership of voting securities, by
contract or otherwise.

     "Board" means the Board of Directors of Epyx.

     "Business" means the development by Epyx of fuel cells, fuel processors
and reformer technology pertaining to the conversion of hydrocarbon fuels into
hydrogen for fuel cells or other purposes and other development activities
directly related to fuel cells and integration of fuel processing technology to
fuel cell development, including the development by Epyx of commercial
distributed power and transportation products related thereto and components
thereof.

         "Closing" and "Closing Date" have the meanings set forth in Section
3.1.

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     "Common Stock" means the Common Stock, par value $.01 per share, of Epyx,
issued in accordance with and subject to the terms of the Certificate of
Incorporation of Epyx substantially in the form attached hereto as Exhibit A,
and any other common equity securities now or hereafter issued by Epyx,
together with any other shares of stock issued or issuable with respect thereto
(whether by way of a stock dividend, stock split or in exchange for or upon
conversion of such shares or otherwise in connection with a combination of
shares, recapitalization, merger, consolidation or other corporate
reorganization).

     "DeNora" means DeNora Fuel Cells, S.p.A.

     "DeNora LOI" means the Letter of Intent between DeNora and Epyx dated
February 18, 2000.

     "DeNora New Energy" means DeNora New Energy Investments B.V.

     "DeNora Transaction" means the transaction contemplated by the DeNora LOI.

     "Hess Shares" means the shares of Common Stock owned by Hess as of the
Closing, together with any other shares of Common Stock or other securities of
Epyx from time to time held by Hess after the Closing.

     "Intellectual Property" means the United States and foreign patents and
patent applications, invention disclosures (whether patentable or not),
copyrights, trademarks (including, in the case of trademarks, all goodwill
pertaining thereto) and licenses under any third party intellectual property
rights (including but not limited to patents, patent applications, copyrights,
trademarks, trade secrets and know-how) currently used in the Business,
together with all associated trade secrets and know-how related to the
Business.

     "Liabilities" means, with respect to any party, obligations or liabilities
of any nature, whether known or unknown, accrued, absolute, contingent or
otherwise, and whether due or to become due of such party.

     "Liquidity Event" has the meaning set forth in Section 9.1(f).

     "Merger Event" means the closing of a consolidation or merger of Epyx with
or into another entity, whether or not Epyx is the surviving entity, or the
sale (but not a pledge or similar hypothecation) of all or substantially all of
the assets of Epyx, in each case where (1) the consideration received by the
Stockholders is stock or securities of the surviving or purchasing entity, as
the case may be, and (2) such stock or securities (or any stock or securities
into which such stock or

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securities are convertible or exchangeable) are not listed for trading on a
national securities exchange or on NASDAQ. Any transaction pursuant to which
Epyx forms a joint venture or other entity with DeNora or an affiliate, as
contemplated by the DeNora LOI, whether or not structured as a merger, shall
not constitute a Merger Event for purposes of this Agreement.

     "Operating Plan" means the operating plan of Epyx, as prepared by Epyx and
DeNora and approved by the Board from time to time.

     "Person" means an individual, a corporation, an association, a
partnership, a limited liability company, an estate, a trust, and any other
entity or organization, governmental or otherwise.

     "Securities Act" means the Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder.

     "Transfer" means any direct or indirect offer, transfer, donation, sale,
assignment, pledge, hypothecation, grant of a security interest in, conveyance
of a beneficial ownership or other right in, or other disposal or attempted
disposal of all or any portion of a security or of any rights. "Transferred"
means the accomplishment of a Transfer, and "Transferee" means the recipient of
a Transfer.

ARTICLE II.  PURCHASE OF SECURITIES

     2.1 Purchase of Common Stock by Hess. On the terms and subject to the
conditions herein set forth, Hess agrees to purchase from ADL, and ADL hereby
agrees to sell to Hess, at the Closing, 50,000 shares of Common Stock at a
price of $200 per share of Common Stock, representing an aggregate purchase
price of $10,000,000, payable in cash or by wire transfer (to such account as
shall have been indicated to Hess by ADL no later than three days prior to the
Closing) of immediately available funds. The 50,000 shares of Common Stock
represent 5% of the outstanding Common Stock of Epyx upon consummation of the
DeNora Transaction.

ARTICLE III.  THE CLOSING

     3.1 Closing. The sale and delivery and the purchase and acceptance of the
Common Stock hereunder (the "Closing") shall take place at the offices of ADL,
Acorn Park, Cambridge, Massachusetts, on April 4, 2000, or at such other place
or on such date as the parties may mutually agree. Such date is referred to
herein as the "Closing Date." At the Closing: (i) Hess shall pay ADL
$10,000,000; and (iii) ADL shall deliver a certificate or certificates
representing 50,000 shares of Common Stock.

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<PAGE>

ARTICLE IV.  REPRESENTATIONS AND WARRANTIES OF EPYX

     Epyx and ADL hereby represent and warrant to Hess as follows:

     4.1 Corporate Organization; No Subsidiaries or Investments. Epyx is duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware. Epyx has the requisite corporate power and authority to conduct
its business as it is currently being conducted. The Company is duly qualified
as a foreign corporation in the Commonwealth of Massachusetts. Epyx has no
subsidiaries and does not own of record or beneficially any capital stock or
other equity interest in any other Person.

     4.2 Corporate Power and Authority; Non-Contravention. Epyx has all
requisite corporate power and authority to execute and deliver this Agreement
and each agreement, document and instrument to be executed and delivered by
Epyx pursuant to or as contemplated by this Agreement (collectively, the "Epyx
Agreements") and to carry out the transactions contemplated hereby and thereby.
The execution and delivery of this Agreement and the Epyx Agreements by Epyx
and the consummation by Epyx of the transactions contemplated hereby and
thereby have been duly authorized by all necessary corporate action on the part
of Epyx, including the approval of the Board and of Epyx's stockholders, and no
other corporate action or proceeding on the part of Epyx is necessary to
authorize the execution and delivery by Epyx of this Agreement and the Epyx
Agreements or the consummation by Epyx of the transactions contemplated hereby
and thereby. This Agreement and each of the Epyx Agreements constitutes the
valid and binding obligation of Epyx, enforceable against Epyx in accordance
with their respective terms. The execution, delivery and performance by Epyx of
this Agreement and each of the Epyx Agreements:

          (i) do not and will not conflict with or violate any provision of the
Certificate of Incorporation or By-Laws of Epyx;

          (ii) do not and will not violate any laws, rules or regulations of the
United States or any state or other jurisdiction applicable to Epyx, or require
Epyx to obtain any approval, consent or waiver of, or to make any filing with,
any Person that has not been obtained or made; and

          (iii) do not and will not result in a breach of, constitute a default
under, accelerate any obligation under or give rise to a right of termination
of any indenture or loan or credit agreement or any other agreement, contract,
instrument, mortgage, lien, lease, permit, license, authorization, order, writ,
judgment, injunction or decree to which Epyx is a party or by which Epyx or its
property is bound, or result in the creation or imposition of any mortgage,
pledge, lien,

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security interest or other charge or encumbrance on any of the assets or
properties of Epyx.

     4.3 No Consents or Approvals Required. Except as set forth in Schedule
4.3, no notice, declaration, report or other filing or registration with, and
no consent, waiver, approval or authorization of, any governmental or
regulatory authority or instrumentality or any other person is required to be
submitted, made or obtained by Epyx in connection with the execution, delivery
or performance of this Agreement or the Epyx Agreements, or the consummation of
the transactions contemplated hereby or thereby, except for those the failure
of which to submit, make or obtain would not have a material adverse effect
upon the assets or business of Epyx.

     4.4 Capitalization. The authorized capital stock of Epyx consists of
2,000,000 shares of Common Stock. Immediately prior to the Closing, 1,000,000
shares of Common Stock were issued and outstanding. All such shares have been
duly authorized and validly issued, are fully paid and nonassessable, and are
owned of record by ADL and DeNora New Energy Investments. Upon consummation of
the Closing, the authorized capital stock of Epyx will consist of 2,000,000
shares of Common Stock and there will be 1,000,000 shares of Common Stock
outstanding. There are no outstanding options, warrants, rights, commitments,
preemptive rights or agreements of any kind for the issuance or sale of, or
outstanding securities convertible into, any additional shares of Common Stock.
There are no other securities of Epyx entitled, in the ordinary course, to vote
in the election of the Board. There are no outstanding obligations of Epyx to
repurchase, redeem or otherwise acquire any securities of Epyx.

     4.5 Material Contracts. Schedule 4.5 hereto contains a complete and
correct list of all agreements, contracts and commitments (collectively, the
"Material Contracts") of the following types, written or oral to which Epyx or
ADL is a party or by which it is bound and which, in each case, relate
primarily to the Business, including (i) leases of real or personal property,
(ii) employment, consulting and agency agreements; (iii) research and
development contracts; (iv) agreements, orders or commitments for the sale or
purchase of raw materials, supplies or finished products; (v) joint ventures,
partnerships or similar arrangements; (vi) agreements for the acquisition or
disposition of all or substantially all of the Business; and (vii) licenses to
or from others relating to the Intellectual Property. Each of the Material
Contracts is in full force and effect and there does not exist thereunder any
material default by Epyx or ADL, or to the best knowledge of Epyx and ADL, of
any other party thereto, or event or condition which, after notice or lapse of
time or both, would constitute a material default thereunder by Epyx or ADL or,
to the best knowledge of Epyx and ADL, by any other party thereto. Neither Epyx
nor ADL has received any notice that any

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party to any of the Material Contracts intends to cancel or terminate any such
Material Contract.

     4.6 Intellectual Property. The Intellectual Property includes all rights
necessary to conduct the Business as currently conducted, with no known
infringement of the proprietary rights of any third party. Except as set forth
on Schedule 4.6 and except with respect to standard rights reserved to the U.S.
government pursuant to contracts between Epyx or ADL and the U.S. government,
(i) to the best knowledge of Epyx and ADL, Epyx is the sole and exclusive owner
of all rights to the Intellectual Property and has the right to use the same
without the payment of any license, fee, royalty or similar charge; (ii) there
is no material claim of any other person, firm or corporation or any proceeding
pending or, to the best knowledge of Epyx and ADL, threatened which relates to
any of the Intellectual Property or the validity or enforceability thereof or
Epyx's rights thereto; and (iii) to the best knowledge of Epyx and ADL, there
are no inventions within the scope of the Intellectual Property for which the
inventor(s) thereof is or are not contractually obligated to assign all of
their rights therein to Epyx or ADL.

     4.7 Litigation; Disputes. There are no claims, actions, suits, proceedings
or investigations by any third party or by governmental, regulatory or
administrative authorities of any nature, civil, criminal or regulatory, at law
or in equity, by or before any court, arbitrator or governmental or other
regulatory or administrative agency, instrumentality or authority which are
pending or, to the best knowledge of Epyx and ADL, threatened, by or against or
affecting Epyx or the Business.

     4.8 Compliance with Applicable Law. Epyx is currently in compliance, in
all material respects, with all applicable statutes, laws, rules, regulations,
orders, ordinances, judgments or decrees of all governmental authorities
(federal, state, local or otherwise) applicable to the Business, Epyx has all
governmental licenses, authorizations, permits, consents and approvals
necessary to conduct its business as it is currently being conducted.

     4.9 Taxes. Epyx (or ADL on behalf of Epyx) has filed or will file within
the time prescribed by law (including extensions of time approved by the
appropriate taxing authority) all tax returns and reports required to be filed
with the United States Internal Revenue Service, the Commonwealth of
Massachusetts, and any other jurisdictions where such filing is required by
law. All taxes which are due and payable by Epyx or ADL related to the
Business, and any interest and penalties thereon, whether disputed or not, have
been paid in full. Neither ADL nor Epyx is delinquent in the payment of any tax
related to the Business, and there

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is no tax deficiency or claim outstanding, proposed or assessed against either
of them related to the Business.

     4.10 Sufficiency of Assets. Upon consummation of the transactions
contemplated hereby (including, but not limited to, the execution and
performance of the Transition Services Agreement and the Sublease), Epyx will
have the assets that are necessary and adequate for it to conduct the Business
as currently conducted.

     4.11 Financial Statements. Attached hereto as Schedule 4.11 is the
unaudited balance sheet of Epyx as of December 31, 1999 (the "Balance Sheet").
The Balance Sheet is true and correct in all material respects, has been
prepared in conformity with generally accepted accounting principles applied on
a consistent basis, and fairly presents the financial condition of Epyx as of
the date thereof (subject to the absence of footnotes and to year-end audit
adjustments).

     4.12 No Undisclosed Liabilities. Since the date of the Balance Sheet, Epyx
has not incurred any Liabilities relating to the Business except Liabilities
(a) that were incurred in the usual and ordinary course of business consistent
with past practice and (b) that, individually and in the aggregate, would not
have a materially adverse effect upon the Business.

     4.13 Absence of Certain Changes. Since December 31, 1999, Epyx has
conducted the Business only in the ordinary course. Without limiting the
generality of the foregoing, other than the DeNora Transaction, Epyx has not
since such date:

          (a) experienced any material adverse change in its financial
condition, assets, liabilities, prospective contracts or its relationship with
its principal clients;

          (b) sold, assigned, transferred, pledged, leased or otherwise disposed
of any asset except in the ordinary course of business consistent with past
practices, but not in any event exceeding $200,000;

          (c) incurred any obligation, liability or indebtedness except in the
ordinary course of business consistent with past practices, but not in any
event exceeding $200,000, or incurred any extraordinary losses;

          (d) amended, waived, released, disposed of or permitted to lapse any
right relating to the Business;

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          (e) transferred or granted any rights under any concessions, leases,
licenses, agreements, patents, inventions, trademarks, service marks, trade
names, trade dress, brand names, trade secrets or copyrights or with respect to
the Intellectual Property;

          (f) experienced any material damage, destruction or loss (whether or
not covered by insurance) relating to the assets of the Business; or

          (g) agreed, whether or not in writing, to do any of the foregoing.

     4.14 Insurance. ADL currently maintains policies of fire, liability,
worker's compensation, life, and property and casualty in respect to the
Business. All such policies (i) are in full force and effect and (ii) are
sufficient for compliance in all material respects by Epyx with all
requirements of law and all agreements to which Epyx is a party.

     4.15 Employee Benefit Plans. Except for the arrangements set forth in
Schedule 4.15, neither Epyx nor ADL currently maintains, contributes to, or
participates in, any pension, profit-sharing, deferred compensation, bonus,
stock option, share appreciation right, severance, group or individual health,
dental, medical, life insurance, survivor benefit, car allowance, or similar
plan, policy or arrangement, whether formal or informal, for the benefit of any
employee of Epyx. Such arrangements are referred to in this Agreement as the
"Employee Benefit Plans." Epyx has heretofore delivered or made available to
Hess true and correct descriptions of each Employee Benefit Plan.

     4.16 Environmental Matters.

          (a) Seller is in compliance with all Environmental Laws applicable to
the Business. Seller has all permits necessary under any Environmental Law to
conduct the Business as presently conducted. There is no suit, action, claim,
arbitration, administrative, governmental investigation (including, but not
limited to, requests for information) or other legal proceeding pending or, to
the best of Seller's knowledge, threatened, which relates to the ownership,
conduct or operation of the Business and which arises under Environmental Law
or which is reasonably likely to give rise to an Environmental Liability.

          (b) For purposes of this Section 4.16, the following terms shall have
the meanings set forth below:

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               (i) "Environmental Laws" means any and all federal, state, local
     and foreign statutes, laws, judicial decisions, regulations, ordinances,
     rules, judgments, orders, decrees, codes, plans, injunctions, permits,
     licenses, agreements and governmental restrictions, relating to human
     health, safety, the environment or to emissions, discharges or releases of
     pollutants, contaminants or other hazardous substances or wastes into the
     environment, including without limitation ambient air, surface water,
     ground water or land, or otherwise relating to the manufacture,
     processing, distribution, use, treatment, storage, disposal, transport or
     handling of pollutants, contaminants or other hazardous substances or
     wastes or the clean-up or other remediation thereof.

               (ii) "Environmental Liabilities" means any and all liabilities of
     or relating to the Business which arise under or relate to matters covered
     by Environmental Laws.

ARTICLE V.  REPRESENTATIONS AND WARRANTIES OF ADL

     ADL hereby represents and warrants to Hess as follows:

     5.1 Corporate Organization. ADL is duly incorporated, validly existing and
in good standing under the laws of the Commonwealth of Massachusetts. ADL has
the requisite corporate power and authority to conduct its business as it is
currently being conducted.

     5.2 Corporate Power and Authority; Non-Contravention. ADL has all
requisite corporate power and authority to execute and deliver this Agreement
and each agreement, document and instrument to be executed and delivered by ADL
pursuant to or as contemplated by this Agreement (collectively, the "ADL
Agreements") and to carry out the transactions contemplated hereby and thereby.
The execution and delivery of this Agreement and the ADL Agreements by ADL and
the consummation by ADL of the transactions contemplated hereby and thereby
have been duly authorized by all necessary corporate action on the part of ADL,
including the approval of ADL's Board of Directors, and no other corporate
action or proceeding on the part of ADL is necessary to authorize the execution
and delivery by ADL of this Agreement and the ADL Agreements or the
consummation by ADL of the transactions contemplated hereby and thereby. This
Agreement and each of the ADL Agreements constitute the valid and binding
obligation of ADL, enforceable in accordance with their respective terms. The
execution, delivery and performance by ADL of this Agreement and each of the
ADL Agreements:

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               (i) do not and will not conflict with or violate any provision of
     the Articles of Organization or By-Laws of ADL;

               (ii) do not and will not violate any laws, rules or regulations
     of the United States or any state or other jurisdiction applicable to ADL,
     or require ADL to obtain any approval, consent or waiver of, or to make any
     filing with, any Person that has not been obtained or made; and

               (iii) do not and will not result in a breach of, constitute a
     default under, accelerate any obligation under or give rise to a right of
     termination of any indenture or loan or credit agreement or any other
     agreement, contract, instrument, mortgage, lien, lease, permit, license,
     authorization, order, writ, judgment, injunction or decree to which ADL is
     a party or by which ADL or its property is bound, or result in the
     creation or imposition of any mortgage, pledge, lien, security interest or
     other charge or encumbrance on any of the assets or properties of ADL.

     5.3 Transfer of Assets. ADL has transferred to Epyx all of ADL's right,
title and interest to the assets of ADL used primarily in the Business, other
than the two government contracts listed on Schedule 5.3 hereto, including
without limitation, the Intellectual Property. ADL has transferred to Epyx all
of ADL's rights and obligations under the contracts and agreements listed on
Schedule 4.5 (other than the two government contracts listed on Schedule 5.3)
or, to the extent that such rights and obligations are not transferable, ADL
has entered into arrangements with Epyx to provide that Epyx shall receive the
benefits and burdens of such contracts and agreements.

     5.4 Ownership of Shares. ADL is the record and beneficial owner of the
Hess Shares. Such shares have been duly authorized and validly issued, and are
fully paid, non-assessable and free and clear of any and all liens,
encumbrances, charges or claims.

ARTICLE VI.  REPRESENTATIONS AND WARRANTIES OF HESS

     Hess hereby represents and warrants to ADL and Epyx as follows:

     6.1 Corporate Organization. Hess is duly incorporated, validly existing
and in good standing under the laws of the State of Delaware. Hess has the
requisite corporate power and authority to conduct its business as it is
currently being conducted.

     6.2 Corporate Power and Authority; Non-Contravention. Hess has all
requisite corporate power and authority to execute and deliver this Agreement
and

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each agreement, document and instrument to be executed and delivered by Hess
pursuant to or as contemplated by this Agreement (collectively, the "Hess
Agreements") and to carry out the transactions contemplated hereby and thereby.
The execution and delivery of this Agreement and the Hess Agreements by Hess
and the consummation by Hess of the transactions contemplated hereby and
thereby have been duly authorized by all necessary corporate action on the part
of Hess, including the approval of Hess' Board of Directors, and no other
corporate action or proceeding on the part of Hess is necessary to authorize
the execution and delivery by Hess of this Agreement and the Hess Agreements or
the consummation by Hess of the transactions contemplated hereby and thereby.
This Agreement and each of the Hess Agreements constitutes the valid and
binding obligation of Hess, enforceable in accordance with their respective
terms. The execution, delivery and performance by Hess of this Agreement and
each of the Hess Agreements:

               (i) do not and will not conflict with or violate any provision of
     the Certificate of Incorporation or By-Laws of Hess;

               (ii) do not and will not violate any laws, rules or regulations
     of the United States or any state or other jurisdiction applicable to Hess,
     or require Hess to obtain any approval, consent or waiver of, or to make
     any filing with, any Person that has not been obtained or made; and

               (iii) do not and will not result in a breach of, constitute a
     default under, accelerate any obligation under or give rise to a right of
     termination of any indenture or loan or credit agreement or any other
     agreement, contract, instrument, mortgage, lien, lease, permit, license,
     authorization, order, writ, judgment, injunction or decree to which Hess
     is a party or by which Hess or its property is bound, or result in the
     creation or imposition of any mortgage, pledge, lien, security interest or
     other charge or encumbrance on any of the assets or properties of Hess.

6.3      Investment Representations.

          (a) Hess, by reason of its business and financial experience, has such
knowledge, sophistication and experience in business and financial matters as
to be capable of evaluating the merits and risks of its investment in the Hess
Shares, and is purchasing the Hess Shares hereunder for its own account, for
investment only and not with a view to, or any present intention of, effecting
a distribution of such securities or any part thereof. Hess acknowledges that
the Hess Shares to be purchased hereunder have not been registered under the
Securities Act or the securities laws of any state or other jurisdiction and
cannot

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be disposed of unless they are subsequently registered under the Securities Act
and any applicable state laws or exemption from such registration is available.

          (b) Hess is an "accredited investor" as that term is defined in Rule
501 promulgated under the Securities Act. .

          (c) Hess has had the opportunity to ask questions and to receive
answers concerning the financial condition, operations and prospects of Epyx and
the terms and conditions of Hess' investment.

ARTICLE VII.  CONDITIONS PRECEDENT TO CLOSING

     7.1 Conditions Precedent to Obligations of Hess. The obligations of Hess
to consummate the transactions contemplated by this Agreement are subject to
the satisfaction of the following conditions, at or prior to the Closing:

          (a) All covenants, agreements, obligations and conditions contained in
this Agreement to be performed or complied with by Epyx and ADL on or prior to
the Closing Date shall have been performed or complied with in all respects.

          (b) At the Closing Date, the purchase of the Hess Shares by Hess shall
be legally permitted by all laws and regulations to which the parties hereto are
subject.

          (c) Hess shall have received from Epyx and ADL such documents with
respect to the legal existence and authority of Epyx and ADL as Hess shall
reasonably request.

          (d) ADL and DeNora New Energy shall have consummated the DeNora
Transaction.

          (e) Hess shall have been made a party to the Stockholders' Agreement
between ADL and DeNora New Energy.

     7.2 Conditions Precedent to Obligations of Epyx. The obligations of Epyx
to consummate the transactions contemplated by this Agreement are subject to
the satisfaction of the following conditions, at or prior to the Closing:

          (a) All covenants, agreements and conditions contained in this
Agreement to be performed or complied with by Hess on or prior to the Closing
Date shall have been performed or complied with in all respects.

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     7.3 Conditions Precedent to Obligations of ADL. The obligations of ADL to
consummate the transactions contemplated by this Agreement are subject to the
satisfaction of the following conditions, at or prior to the Closing:

          (a) All covenants, agreements and conditions contained in this
Agreement to be performed or complied with by Hess on or prior to the Closing
Date shall have been performed or complied, with in all respects.

          (b) ADL and DeNora New Energy shall have consummated the DeNora
Transaction.

          (c) ADL shall have received from Hess such documents with respect to
the legal existence and authority of Hess as ADL shall reasonably request.

ARTICLE VIII.  INDEMNIFICATION

     8.1 Agreement to Indemnify.

          (a) From and after the Closing, ADL agrees to indemnify, defend and
hold harmless Hess from and against any and all demands, claims, losses,
damages, costs and expenses, including without limitation interest, costs,
liabilities, fines, penalties and reasonable fees of attorneys and consultants
(collectively, "Damages"), asserted against, imposed upon or incurred or
suffered by Hess as a result of or arising from any breach of any
representation, warranty, covenant or agreement of ADL contained in this
Agreement.

          (b) The aggregate liability of ADL with respect to claims for
indemnification pursuant to Section 8.1(a) above shall not exceed ten million
dollars ($10,000,000). ADL shall have no liability in respect of claims for
indemnification pursuant to Section 8.1 (a) above (i) unless and until the
total Damages suffered by Hess with respect to such claims exceeds $100,000,
and then only to the extent of such excess, and (ii) unless written notice of
such claim, in accordance with the provisions of Section 8.2, shall have been
given to ADL on or before the date which is fifteen (15) months after the
Closing Date.

          (c) From and after the Closing, Hess agrees to indemnify, defend and
hold harmless ADL and Epyx from and against any and all Damages, asserted
against, imposed upon or incurred or suffered by ADL or Epyx as a result of or
arising from any breach of any representation, warranty, covenant or agreement
of Hess contained in this Agreement.

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          (d) The aggregate liability of Hess with respect to claims for
indemnification pursuant to Section 8.1(c) above shall not exceed ten million
dollars ($10,000,000). Hess shall have no liability in respect of claims for
indemnification pursuant to Section 8.1 (c) above (i) unless and until the
total Damages suffered by ADL and/or Epyx with respect to such claims exceeds
$100,000, and then only to the extent of such excess, and (ii) unless written
notice of such claim, in accordance with the provisions of Section 8.2, shall
have been given to Hess on or before the date which is fifteen (15) months
after the Closing Date.

     8.2 Procedure for Indemnification.

          (a) In the event that any indemnified party receives written notice
of the commencement of any action or proceeding, the assertion of any claim by
a third party or the imposition of any penalty or assessment for which
indemnity may be sought pursuant to this Article VIII (a "Third Party Claim"),
and such indemnified party intends to seek indemnity pursuant to this Article
VIII, such indemnified party shall promptly provide the indemnifying party with
notice of such action, proceeding, claim, penalty or assessment, and such
indemnifying party shall, upon receipt of such notice, be entitled to
participate in or, at the indemnifying party's option, assume the defense,
appeal or settlement of such action, proceeding, claim, penalty or assessment
with respect to which such indemnity has been invoked with counsel selected by
it and approved by the indemnified party (such approval not to be unreasonably
withheld), and such indemnified party will fully cooperate with the
indemnifying party in connection therewith; provided that such indemnified
party shall be entitled to employ its own counsel to represent it if, in such
indemnified party's reasonable judgment, a conflict of interest between the
indemnifying party and the indemnified party exists in respect of such claim,
or if the defendants in, or targets of, any such action or proceeding include
both an indemnified party and an indemnifying party and such indemnified party
shall have reasonably concluded that there may be legal defenses available to
it that are different from or additional to those available to the indemnifying
party, and in any such event the reasonable fees and expenses of such separate
counsel shall be paid by the indemnifying party. In the event that the
indemnifying party fails to assume the defense, appeal or settlement of such
action, proceeding, claim, penalty or assessment within 20 days after receipt
of notice thereof from such indemnified party, such indemnified party shall
have the right to undertake the defense or appeal of or settle or compromise
such action, proceeding, claim, penalty or assessment on behalf of and for the
account and risk of the indemnifying party. The indemnifying party shall not
settle or compromise any such action, proceeding, claim, penalty or assessment
without the indemnified party's prior written consent, unless such settlement
or compromise provides solely for the payment of money and provides a complete
release of, or dismissal

                                       14
<PAGE>

with prejudice of claims against, the indemnified party. If written notice of a
Third Party Claim is not provided promptly as required by this Section 8.2(a),
the indemnified party shall nonetheless be entitled to indemnification by the
indemnifying party except to the extent that the indemnifying party is
prejudiced by such late receipt of such written notice.

          (b) Any indemnifiable claim that is not a Third Party Claim shall be
asserted by written notice to the indemnifying party from the indemnified
party, which notice shall be provided promptly after the indemnifying party
becomes aware of the claim. If the indemnifying party does not respond to such
notice within 60 days, it shall have no further right to contest the validity
of such claim.

ARTICLE 1X.  ADDITIONAL RIGHTS OF HESS AND ADL

     9.1 Right to Purchase.

          (a) ADL hereby grants to Hess the right (the "Additional Purchase
Right"), in accordance with this Section 9.1, to purchase from ADL up to 50,000
shares of Common Stock held by ADL.

          (b) Hess may exercise the Additional Purchase Right at any time on or
after a Liquidity Event, provided that the Additional Purchase Right shall
expire if Hess has not exercised such right (x) within three years after the
date of hereof or (y) in connection with a Liquidity Event, whichever is later,
and provided further that if the Liquidity Event is an IPO (as defined below),
the Additional Purchase Right shall expire if Hess has not exercised such right
within thirty (30) days after the closing thereof.

          (c) If Hess shall decide to exercise the Additional Purchase Right in
connection with a Liquidity Event, Hess shall give ADL written notice of such
decision at least five (5) business days prior to the scheduled occurrence of
the Liquidity Event, which notice shall include the number of shares of Common
Stock which Hess desires to purchase from ADL (the "Additional Purchase
Shares"). The purchase price for each of the Additional Purchase Shares shall
be the midpoint between (x) $200 per share and (y) the price per share of
Common Stock determined for purposes of the Liquidity Event, provided that in
no event shall the purchase price for the Additional Purchase Shares be less
than $200 per share. Notwithstanding the foregoing, if Hess shall decide to
exercise the Additional Purchase Right in connection with a Liquidity Event
(the "Exercise Liquidity Event") and there has been a preceding Liquidity
Event, the purchase price for each of the Additional Purchase Shares shall be
the midpoint between (x) the price per share established in the Liquidity Event
next preceding the Exercise

                                       15
<PAGE>

Liquidity Event and (y) the price per share of Common Stock determined for
purposes of the Exercise Liquidity Event, provided that in no event shall the
purchase price for the Additional Purchase Shares be less than the greater of
(1) $200 per share or (2) the price per share established in the Liquidity
Event next preceding the Exercise Liquidity Event. If a value for the Common
Stock is not established in a Liquidity Event for any reason, then Hess and ADL
shall establish the Fair Market Value (as defined in Section 9.1 (d) below) of
a share of Common Stock in accordance with the procedure described in Section
9.1 (d) below as of the date of such Liquidity Event, provided that Hess and
ADL shall share the cost of any independent appraiser retained upon mutual
agreement of ADL and Hess, as well as the cost of any third appraiser required
by the provisions of such section. Hess' purchase of the Additional Purchase
Shares shall happen on or before the Liquidity Event, provided that if it is
necessary to establish a Fair Market Value in accordance with the procedure
described in Section 9.1 (d) below, Hess' purchase of the Additional Purchase
Shares shall happen within five (5) business days after the determination of
Fair Market Value. Hess shall pay the purchase price for the Additional
Purchase Shares in cash.

          (d) If Hess shall decide to exercise the Additional Purchase Right at
any time other than in connection with a Liquidity Event, Hess shall give ADL
written notice of such decision at least sixty (60) days prior to the date on
which Hess desires to purchase the Additional Purchase Shares, which notice
shall include the number of Additional Purchase Shares. The purchase price for
each of the Additional Purchase Shares shall be the midpoint between (x) the
price per share established in the Liquidity Event next preceding the date on
which Hess provides ADL with the foregoing notice and (y) the Fair Market Value
of a share of Common Stock, determined as set forth below, provided that in no
event shall the purchase price for the Additional Purchase Shares be less than
the greater of (1) $200 per share or (2) the price per share established in the
Liquidity Event next preceding the date on which Hess provides ADL with the
foregoing notice. For purposes of this Section 9.1(d), "Fair Market Value"
shall mean the fair market value of a share of Common Stock established by an
independent appraiser selected and retained upon mutual agreement of Hess and
ADL (whose fee shall be paid in full by Hess); provided, however, that if Hess
and ADL cannot agree upon an independent appraiser, the Fair Market Value of a
share of Common Stock will be established as follows: Each of Hess and ADL will
select an appraiser. The Fair Market Value shall be the fair market value
arrived at by those appraisers within 60 days following the appointment of the
last appraiser to be appointed. In the event that the two appraisers cannot
agree on such fair market value within such period of time, (i) if the
appraisers' valuations are within ten percent of each other (based on the lower
of the two valuations), the Fair Market Value shall be the mean of the two
valuations, and (ii) if the differences in the valuations are greater than ten
percent, the appraisers shall select a third appraiser

                                       16
<PAGE>

who will calculate the fair market value independently, and, except as provided
in the next sentence, the Fair Market Value of the Common Stock shall in each
case be the average of the two fair market values arrived at by the appraisers
who are closest in amount. If one appraiser's valuation is the mean of the
other two valuations, the mean valuation shall be the Fair Market Value. In the
event that the two original appraisers cannot agree upon a third appraiser
within 30 days following the end of the 60 day period referred to above, then
the third appraiser shall be appointed by the American Arbitration Association.
Hess shall pay the fees and expenses of the appraiser selected by Hess, ADL
shall pay the fees and expenses of the appraiser selected by ADL, and Hess
shall pay the fees and expenses of any third appraiser appointed pursuant to
this provision. The Fair Market Value shall be determined without taking into
account any discount or other reduction in value caused by or related to the
lack of marketability of any of the Common Stock. Hess' purchase of the
Additional Purchase Shares shall happen within five (5) business days after the
determination of Fair Market Value. If Hess elects not to purchase the
Additional Purchase Shares after the determination of Fair Market Value, Hess
shall notify ADL in writing and Hess' rights and obligations to purchase such
shares shall terminate. Hess shall pay the purchase price for the Additional
Purchase Shares in cash.

          (e) Hess may exercise the Additional Purchase Right only once. In the
event Hess for any reason (including without limitation, Hess' voluntary
decision not to purchase the Additional Purchase Shares for any reason) fails
to consummate the purchase of the Additional Purchase Shares by the dates set
forth in Section 9.1(b), Hess shall no longer have the right to purchase
additional shares of Common Stock from ADL pursuant to Section 9.1(a).

          (f) For purposes of this Agreement, the term "Liquidity Event" means
(i) the closing of a consolidation or merger of Epyx with or into another
entity, whether or not Epyx is the surviving entity, or the sale (but not a
pledge or similar hypothecation) of all or substantially all of the assets of
Epyx, in each case where (1) the consideration received by the Stockholders is
cash or stock or securities of the purchasing entity and (2) such stock or
securities (or any stock or securities into which such stock or securities are
convertible or exchangeable) are listed for trading on a national securities
exchange or on NASDAQ; or (ii) the closing of an underwritten initial public
offering of Epyx pursuant to an effective registration statement under the
Securities Act covering the offer and sale to the public of a number of shares
equal to at least ten percent (10%) of the shares of Common Stock outstanding
prior to such offering (an "IPO"). Unless otherwise agreed in writing by the
Stockholders, in no event shall a Merger Event be deemed to be a Liquidity
Event. In no event shall the DeNora Transaction constitute a "Liquidity Event".

                                       17
<PAGE>

     9.2 Funding of Epyx Operations.

          (a) Prior to December 31, 2000, ADL anticipates that ADL and DeNora
will contribute an aggregate of $22,000,000 in funding to Epyx in order to fund
Epyx's operations in accordance with the then current Operating Plan. Such
funds shall be treated as additional paid in capital. In the event that at
October 15, 2000, the Board determines that an IPO will not be completed by
December 31, 2000 for any reason or that funding in excess of the initial
$22,000,000 to be provided to Epyx by ADL and DeNora is required, the Board
will meet to determine the amount of additional funding necessary and the
mechanism for providing such funds to Epyx.

          (b) In the event that Epyx requires funding beyond the initial
$22,000,000 to be provided by ADL and DeNora New Energy, and ADL does not
intend to provide its pro rata portion of such funding, ADL shall notify Hess
of such intent and shall offer Hess in writing the right to purchase additional
shares of Common Stock from ADL for an aggregate purchase price equal to ADL's
pro rata portion of such funding. ADL shall determine the number of shares (the
"Offered Shares") and the purchase price therefor (which information shall be
set forth in ADL's notice), provided that Hess may accept or reject such
proposed purchase price, by written notice to ADL, in its sole discretion. If
Hess accepts ADL's proposed purchase price, ADL and Hess shall consummate such
sale as promptly as practicable, but in any event at least five (5) days prior
to the date on which ADL is required to contribute additional funds to Epyx. If
Hess rejects ADL's proposed purchase price, ADL shall have the right to fund
its pro rata portion of such funding or to offer the Offered Shares to a third
party for an aggregate purchase price equal to ADL's pro rata portion of such
funding. If the purchase price agreed to by ADL and any third party is equal to
or greater than the purchase price proposed by ADL to Hess, ADL may consummate
the sale of the Offered Shares to such third party. If the purchase price
agreed to by ADL and any third party is less than the purchase price proposed
by ADL to Hess, then prior to the consummation of any such transaction between
ADL and such third party, ADL shall offer to Hess the right to purchase the
Offered Shares at such lower purchase price. If Hess accepts such lower
purchase price, ADL and Hess shall consummate such sale as promptly as
practicable, but in any event at least five (5) days prior to the date on which
ADL is required to contribute additional funds to Epyx. If Hess rejects ADL's
lower purchase price, ADL shall have the right to consummate the sale of the
Offered Shares to the third party at such lower purchase price.

                                       18
<PAGE>

ARTICLE X.  MISCELLANEOUS PROVISIONS

     10.1 Expenses. Each party shall bear its own costs and expenses, including
the reasonable fees and disbursements of legal counsel and other professionals,
incurred in connection with the transactions contemplated by this Agreement.

     10.2 Legend on Securities. The Stockholders acknowledge and agree that the
following legend shall be typed on each certificate evidencing any of the
securities issued hereunder held at any time by the Stockholders:

     THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT PURSUANT TO (1) A REGISTRATION
STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER SUCH ACT OR
(2) AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER SUCH ACT RELATING TO THE
DISPOSITION OF SECURITIES. THESE SECURITIES ARE ALSO SUBJECT TO THE PROVISIONS
OF A CERTAIN STOCKHOLDERS' AGREEMENT, DATED AS OF APRIL 4, 2000, INCLUDING
CERTAIN RESTRICTIONS ON TRANSFER SET FORTH THEREIN. A COMPLETE AND CORRECT COPY
OF SUCH AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE
COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST AND WITHOUT CHARGE.

     10.3 Amendment and Waiver. Any party may waive any provision hereof
intended solely for its benefit in writing. No failure or delay on the part of
any party hereto in exercising any right, power or remedy hereunder shall
operate as a waiver thereof. Except as otherwise expressly provided herein, the
remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to any party hereto at law or in equity or
otherwise. This Agreement may not be amended without the prior written consent
of each of the parties hereto.

     10.4 Notices. All notices and other communications shall be in writing and
shall be deemed given if delivered by hand, sent via facsimile, sent via a
reputable nationwide courier service or mailed by registered mail (return
receipt requested) to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice) and shall be deemed
given on the date on which so hand-delivered, the date on which receipt of the
facsimile is acknowledged, the next business day following the date on which so
sent or on the third business day following the date on which so mailed, as the
case may be:

                                       19
<PAGE>

If to ADL:
         Acorn Park
         Cambridge, MA 02140
         Attention: General Counsel
         Facsimile: (617) 498-7116

If to Hess:
         1185 Avenue of the Americas
         New York, NY 10036
         Attention: General Counsel
         Facsimile: (212) 536-8241

If to Epyx:
         Acorn Park
         Cambridge, MA 02140
         Attention: Chief Operating Officer
         Facsimile: (617) 498-6655

     10.5 Headings. The Article and Section headings used or contained in this
Agreement are for convenience of reference only and shall not affect the
construction of this Agreement.

     10.6 Counterparts. This Agreement may be executed in one or more
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which together
shall be deemed to constitute one and the same agreement.

     10.7 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by law.

     10.8 Entire Agreement. This Agreement and the other agreements
contemplated hereby are intended by the parties as a final expression of their
agreement and intended to be complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter
contained herein and therein. This Agreement and the other agreements
contemplated hereby (including the exhibits hereto) supersede all prior
agreements and understandings between the parties with respect to such subject
matter.

                                       20
<PAGE>

     10.9 Adjustments. All references to share prices and amounts herein shall
be equitably adjusted to reflect stock splits, stock dividends,
recapitalizations and similar changes affecting the capital stock of Epyx.

     10.10 Law Governing. This Agreement shall be construed and enforced in
accordance with and governed by the laws of The Commonwealth of Massachusetts
(without giving effect to principles of conflicts of law). Each party hereby
waives trial by jury in any action relating to this Agreement and consents to
the jurisdiction of any Massachusetts court (federal or state).

     10.11 Continuation of Rights. Except as expressly provided herein, the
rights and obligations of Hess and ADL under this Agreement shall survive the
occurrence of any Liquidity Event, any Merger Event and the consummation of the
DeNora Transaction.

     10.12 Cooperation. Each of Epyx, Hess and ADL shall cooperate with all
reasonable requests of the others not inconsistent with the terms of this
Agreement or any other agreement entered into in connection herewith to more
effectively consummate the transactions contemplated hereby and the
transactions referred to herein and therein.

     10.13 Public Statements. No party shall issue any press release or
otherwise make any public statements with respect to this Agreement or the
transactions contemplated hereby without the prior written consent of the other
parties hereto. This provision shall not restrict a party from making an
announcement internally to its employees.

                                       21
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                   EPYX CORPORATION

                                   By: /s/ Mark A. Brodsky
                                       -----------------------------
                                       Mark A. Brodsky
                                       President

                                   AMERADA HESS CORPORATION

                                   By: /s/J. Barclay Collins
                                       ---------------------
                                       J. Barclay Collins
                                       Executive Vice President
                                         and General Counsel

                                   ARTHUR D. LITTLE, INC.

                                   By: /s/Lorenzo C. Lamadrid
                                       ----------------------
                                       Lorenzo C. Lamadrid
                                       President and Chief Executive Officer

                                       22EXHIBIT 10.6

                   SUBSCRIPTION AND SHARE PURCHASE AGREEMENT

     This Subscription and Share Purchase Agreement (the "Agreement") is made
as of August 2nd 2000, by and between Fineurop International Limited, a fully
owned subsidiary of Fineurop Holding N.V. Amsterdam and a company established
under the laws of Jersey ("Fineurop"), represented by Mr. Ronald Adair, in its
quality of Director of the company, and any Person (as defined below) which may
be appointed by Fineurop to be the assignee of any right and obligation of
Fineurop under this Agreement ("Fineurop Assignee");

     (Fineurop and any Fineurop Assignee, except as otherwise provided for in
this Agreement, are considered, also for the purposes of Article 1292 of the
Civil Code, as a single party, bound jointly and severally hereunder and are
collectively referred to as the "Purchasers", unless otherwise indicated);

                                                       - on the one part -
                                                       -------------------

                                      and

     Norfin International S.A., a company established under the laws of
Luxembourg ("Norfin"), represented by Mr. Mauro Saponelli in his quality of
Director, together with the wholly owned subsidiary De Nora New Energy
Investments B.V., a company established under the laws of The Netherlands
("DNNE"), represented by Mr. Franco Mazzucchi, in his quality of Director of
the company;

     (Norfin and DNNE, except as otherwise provided for in this Agreement, are
considered, also for the purposes of Article 1292 of the Civil Code, as a
single party, bound jointly and severally hereunder and are collectively
referred to as the "Sellers", unless otherwise indicated)

                                                       - on the other part -
                                                       ---------------------

                              W I T N E S S E T H:

     WHEREAS, Norfin has established DNNE as an holding company currently
owning 46,84% of the issued corporate capital of Nuvera Fuel Cells Inc., a
Delaware company, with registered office at Acorn Park, Cambridge,
Massachusetts ("Nuvera"); the only subsidiary of Nuvera is Nuvera Fuel Cells
Europe S.p.a., an Italian company with registered office in Milan, Via Bistolfi
n. 35 ("NFCE"); by resolution dated as of July 26th, 2000, NFCE resolved to
change its corporate structure from company limited by shares (societa per
azioni) to limited liability company (societa a responsabilita limitata);

     WHEREAS, it is the intention of Norfin to cause DNNE to increase its
corporate capital of eurodollar 800, equal to 1.60% of the corporate capital
(after such increase), to be issued to the Purchasers (the "Capital Increase");

     WHEREAS, after the Capital Increase, the Purchasers intend to hold an
interest in DNNE ("Subscription Shares");

<PAGE>

     WHEREAS, the Purchasers intend to have a right to transfer the
Subscription Shares to Norfin, in exchange for certain shares of Nuvera (the
"Shares"), upon the terms and conditions set forth hereunder;

     WHEREAS, after the completion of the above mentioned transactions, the
Purchasers intend to hold the Shares and to have the Registration Rights, as
defined in Article 5.2 hereunder;

     WHEREAS, either the Purchasers and the Sellers desire to provide for
certain matters with respect to the transactions contemplated hereunder.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

     ARTICLE I.     DEFINITIONS

     The following capitalized terms, as used in this Agreement, shall have the
meanings set forth below.

     "Capital Increase" means the increase of the capital of DNNE from
eurodollar 49.200 to eurodollar 50.000 to be approved by the stockholders at a
meeting to be held on the date of execution of this Agreement, reserved for
subscription by the Purchasers.

     "Companies" means collectively DNNE and Nuvera.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and the rules and regulations promulgated thereunder.

     "Liabilities" means, with respect to any party, obligations or
liabilities of any nature, whether known or unknown, accrued, absolute,
contingent or otherwise, and whether due or to become due of such party.

     "Person" means an individual, a corporation, an association, a
partnership, a limited liability company, an estate, a trust, and any other
entity or organization, governmental or otherwise.

     "Shares" means no. 8.539 ordinary shares of Nuvera, representing 0,80% of
the corporate capital of Nuvera, issued in accordance with and subject to the
terms of the Certificate of Incorporation of Nuvera, together with any other
shares of stock issued or issuable with respect thereto (whether by way of a
stock dividend, stock split or in exchange for or upon conversion of such
shares).

     "Subscription Shares" means the interest in DNNE subscribed and owned by
the Purchasers, representing 1.60% of the corporate capital of DNNE after the
Capital Increase.

                                       2
<PAGE>

     "Securities Act" means the Securities Act of 1933, as amended from
time to time, and the rules and regulations promulgated thereunder.

     "Stockholders Agreement" means the stockholders agreement dated as of
April 4th 2000, by and between DNNE, Arthur D. Little Inc. and Amerada Hess
Corporation, and any relevant amendment or change thereof. To any extent under
this Agreement, the Purchasers will inform promptly Fineurop of any such
amendment or change thereof, which may be proposed after the date of execution
of this Agreement.

     ARTICLE II.    SUBSCRIPTION OF CAPITAL INCREASE

     2.1. Meeting of stockholders of DNNE. On August 2nd 2000, the stockholders
of DNNE shall be convened at a meeting, and shall approve the Capital Increase,
reserved for subscription by the Purchasers.

     2.2. Subscription. On the Closing Date, the Capital Increase shall be
subscribed to and fully paid in, by the Purchasers, for a total amount of
eurodollar 1.680.000, out of which eurodollar 1.679.200 as share premium (in the
aggregate, the "Subscription Price").

     2.3. Rights and Entitlements. The Purchasers shall be vested with all
rights and entitlements relating thereto, including the right to receive
dividends (whether declared, payable or not) or other distribution as from the
Closing Date.

     2.4. Closing. The subscription to the Capital Increase contemplated by
Section 2.2 above shall take place on August 2nd, 2000, at the offices of DNNE
in Amsterdam, The Netherlands, or at such other place or on such date as the
parties may mutually agree. Such date is referred to herein as the "Closing
Date". At the closing, the following actions shall take place:

     (a) DNNE shall resolve the Capital Increase, by means of a notarial deed
to be executed by the Notary. The Purchasers shall subscribe to the
Subscription Shares and pay into DNNE account (at the bank communicated by DNNE
to the Purchasers at least three business days before the Closing Date) any
relevant amount of Euro in immediately available funds;

     (b) a duly empowered director of DNNE shall make appropriate recordings in
the stockholders register of DNNE, evidencing the Capital Increase and the
subscription of the Subscription Shares by the Purchasers;

     (c) the Sellers and the Purchasers shall execute and deliver a letter of
confidentiality, covering restrictions to use certain information of Nuvera
disclosed to the Purchasers in connection with the transaction set forth in
this Agreement.

     2.5. Closing Date Accounts. On the Closing Date, the Sellers shall deliver
to the Purchasers the balance sheet and profit and loss accounts of DNNE as at
the Closing Date, together with the unaudited consolidated statements of
accounts of Nuvera as of June 30, 2000 (the "Closing Date Accounts"). The
Sellers represent and warrant that the Closing Date

                                       3
<PAGE>

Accounts shall be true and correct in all material respects, and fairly present
the financial condition of DNNE and Nuvera as of the date thereof, subject to
any material changes which may be introduced as a result of the review by
Deloitte & Touche and as a result of any subsequent review by the U.S.
Securities and Exchange Commission (the "SEC"), if any.

     ARTICLE III.   REPRESENTATIONS AND WARRANTIES OF THE SELLERS

     On the Closing Date, the Sellers hereby represent and warrant to the
Purchasers as follows:

     3.1. Corporate Organization; Subsidiaries or Investments. DNNE is a
private company with limited liability duly incorporated, validly existing and
in good standing under the laws of The Netherlands and Nuvera is a corporation
duly incorporated, validly existing and in good standing under the Laws of the
State of Delaware. The Companies have the requisite corporate power and
authority to conduct their business as they are currently being conducted. DNNE
has no subsidiaries and do not own of record or beneficially any capital stock
or other equity interest in any Person other than Nuvera. Nuvera has no
subsidiaries and do not own of record or beneficially any capital stock or
other equity interest in any Person, other than NFCE. The corporate documents
and records delivered to the Purchasers prior to the execution of this
Agreement constitute true, complete and correct copies of the corporate
documents of the Companies and reflect all amendments thereto through and
including the Closing Date.

     3.2. Corporate Power and Authority; Non-Contravention. The Sellers have
all requisite corporate power and authority to execute and deliver this
Agreement and each agreement, document and instrument to be executed and
delivered by Norfin or DNNE pursuant to or as contemplated by this Agreement
(collectively, the "Sellers Agreements") and to carry out the transactions
contemplated hereby and thereby. The execution and delivery of this Agreement
and the Sellers Agreements by the Sellers and the consummation by the Sellers
of the transactions contemplated hereby and thereby have been duly authorized
by all necessary corporate action on the part of the Sellers, including the
approval of their boards of directors and stockholders, and no other corporate
action or proceeding on the part of the Sellers is necessary to authorize the
execution and delivery by the Sellers of this Agreement and the Sellers
Agreements or the consummation by the Sellers of the transactions contemplated
hereby and thereby. This Agreement and each of the Sellers Agreements
constitutes the valid and binding obligation of the Sellers, enforceable
against the Sellers in accordance with their respective terms. The execution,
delivery and performance by the Sellers of this Agreement and each of the
Sellers Agreements:

          (i) do not and will not conflict with or violate any provision of the
     Certificate of Incorporation or the Articles of Association of the Sellers
     or the Companies;

          (ii) do not and will not violate any laws, rules or regulations of
     any state or other jurisdiction applicable to the Sellers or to the
     Companies, or require the Sellers or the Companies to obtain any approval,
     consent or waiver of, or to make any filing with, any Person that has not
     been obtained or made; and

                                       4
<PAGE>

          (iii) do not and will not result in a breach of, constitute a default
     under, accelerate any obligation under or give rise to a right of
     termination of any indenture or loan or credit agreement or any other
     agreement, contract, instrument, mortgage, lien, lease, permit, license,
     authorization, order, writ, judgment, injunction or decree to which the
     Sellers are parties or by which the Sellers or their property are bound,
     or result in the creation or imposition of any mortgage, pledge, lien,
     security interest or other charge or encumbrance on any of the assets or
     properties of the Sellers.

     3.3. No Consents or Approvals Required. No notice, declaration, report or
other filing or registration with, and no consent, waiver, approval or
authorization of, any governmental or regulatory authority or instrumentality
or any other person is required to be submitted, made or obtained by the
Sellers in connection with the execution, delivery or performance of this
Agreement or the Sellers Agreements, or the consummation of the transactions
contemplated hereby or thereby, except for those the failure of which to
submit, make or obtain would not have a material adverse effect upon the assets
or business of the Sellers.

     3.4. Capitalization. The authorized capital stock of DNNE, before the
Capital Increase, consists of eurodollar 49.200. The authorized capital stock of
Nuvera consists of n. 1.067.416 ordinary shares of common stock $.01 par value
per share. All such shares have been duly authorized and validly issued, are
fully paid and nonassessable. Except for any employee stock option plans which
may be implemented by Nuvera, there are no outstanding options, warrants,
rights, commitments, preemptive rights or agreements of any kind for the
issuance or sale of, or outstanding securities convertible into, any additional
shares of common stock. There are no other securities of DNNE or Nuvera
entitled, in the ordinary course, to vote in the stockholders meeting or in the
election of the Board of Directors of DNNE or Nuvera. There are no outstanding
obligations of DNNE or Nuvera to repurchase, redeem or otherwise acquire any
securities of DNNE or Nuvera.

     3.5. Material Contracts. Schedule 3.5 hereto contains a complete and
correct list of all agreements, contracts and commitments (collectively, the
"Material Contracts") of the following types, written or oral to which the
Companies are parties or by which they are bound and which, in each case,
relate primarily to the business of the Companies, including (i) leases of real
or personal property, (ii) employment, consulting and agency agreements; (iii)
research and development contracts; (iv) agreements, orders or commitments for
the sale or purchase of raw materials, supplies or finished products; (v) joint
ventures, partnerships or similar arrangements; (vi) agreements for the
acquisition or disposition of all or substantially all of the business of the
Companies; and (vii) licenses to or from others relating to the intellectual
property of the Companies. Each of the Material Contracts is in full force and
effect and there does not exist thereunder any material default by the
Companies, or to the best knowledge of the Sellers, of any other party thereto,
or event or condition which, after notice or lapse of time or both, would
constitute a material default thereunder by the Companies or, to the best
knowledge of the Sellers, by any other party thereto. Neither Norfin nor the
Companies have received any notice that any party to any of the Material
Contracts intends to cancel or terminate any such Material Contract. The
Companies shall deliver or made available to the Purchasers true, complete and
correct copies of all Material Contracts, upon reasonable request of the
Purchasers.

                                       5
<PAGE>

     3.6. Intellectual Property. The Intellectual Property of the Companies
("Intellectual Property") includes all rights necessary to conduct the business
as currently conducted, with no known infringement of the proprietary rights of
any third party. Except as set forth on Schedule 3.6 , (i) to the best
knowledge of the Sellers, the Companies are the sole and exclusive owners of
all rights to the Intellectual Property and have the right to use the same
without the payment of any license, fee, royalty or similar charge; (ii) there
is no material claim of any other person, firm or corporation or any proceeding
pending or, to the best knowledge of the Sellers, threatened which relates to
any of the Intellectual Property or the validity or enforceability thereof or
the rights of the Companies thereto; and (iii) to the best knowledge of the
Sellers, there are no inventions within the scope of the Intellectual Property
for which the inventor(s) thereof is or are not contractually obligated to
assign all of their rights therein to the Companies.

     3.7. Litigation; Disputes. There are no claims, actions, suits,
proceedings or investigations by any third party or by governmental, regulatory
or administrative authorities of any nature, civil, criminal or regulatory, at
law or in equity, by or before any court, arbitrator or governmental or other
regulatory or administrative agency, instrumentality or authority which are
pending or, to the best knowledge of the Sellers, threatened, by or against or
affecting the Companies or the business of the Companies.

     3.8. Compliance with Applicable Law. The Companies are currently in
compliance, in all material respects, with all applicable statutes, laws,
rules, regulations, orders, ordinances, judgments or decrees of all
governmental authorities (federal, state, local or otherwise) applicable to the
business of the Companies. The Companies have all governmental licenses,
authorizations, permits, consents and approvals necessary to conduct their
business as they are currently being conducted.

     3.9. Taxes. The Companies have filed or will file within the time
prescribed by law (including extensions of time approved by the appropriate
taxing authority) all tax returns and reports required to be filed with any
competent authority in The Netherlands or in the United States of America, and
in any other jurisdictions where such filing is required by law. All taxes
which are due and payable by the Companies related to the business of the
Companies, and any interest and penalties thereon, whether disputed or not,
have been paid in full. Neither DNNE nor Nuvera are delinquent in the payment
of any tax related to their respective business, and there is no tax deficiency
or claim outstanding, proposed or assessed against either of them related to
the business of the Companies.

     3.10. Sufficiency of Assets. Upon consummation of the transactions
contemplated hereby the Companies will have the assets that are necessary and
adequate to conduct their businesses as currently conducted.

     3.11. No Undisclosed Liabilities. Since the dates of the Closing Date
Accounts, the Companies have not incurred any Liabilities relating to their
business except Liabilities (a) that were incurred in the usual and ordinary
course of business consistent with past practice and (b) that, individually and
in the aggregate, would not have a materially adverse effect upon the

                                       6
<PAGE>

business of the Companies. To the broadest extent permitted by any applicable
law, Liabilities under (a) and (b) above are properly reflected in the Closing
Date Accounts, subject to any changes which may be made as a result of the
review by Deloitte & Touche and as a result of the subsequent review by the
SEC, if any.

     3.12. Absence of Certain Changes. Since the dates of the Closing Date
Accounts, the Companies have conducted their business only in the ordinary
course. Without limiting the generality of the foregoing, neither DNNE nor
Nuvera have since such date:

     (a) experienced any material adverse change in its financial condition,
assets, liabilities, prospective contracts or its relationship with its
principal clients;

     (b) sold, assigned, transferred, pledged, leased or otherwise disposed
of any asset except in the ordinary course of business consistent with past
practices, but not in any event exceeding $ 200.000;

     (c) incurred any obligation, liability or indebtedness except in the
ordinary course of business consistent with past practices, but not in any
event exceeding $ 200.000, or incurred any extraordinary losses;

     (d) made any declaration, setting aside or payment of any dividend by the
Companies, or made any other distribution in respect of the capital stock of
the Companies, or any direct or indirect redemption, purchase or other
acquisition by the Companies of their own capital stock;

     (e) incurred any obligation or liability to any of their officers,
directors, stockholders or employees, or any loans or advances made by the
Companies to any of their officers, directors, stockholders or employees,
except normal compensation and expense allowances payable to officers or
employees;

     (f) amended, waived, released, disposed of or permitted to lapse any right
relating to their business;

     (g) transferred or granted any rights under any concessions, leases,
licenses, agreements, patents, inventions, trademarks, service marks, trade
names, trade dress, brand names, trade secrets or copyrights or with respect to
the Intellectual Property;

     (h) experienced any material damage, destruction or loss (whether or not
covered by insurance) relating to the assets of the Companies; or

     (i) agreed, whether or not in writing, to do any of the foregoing.

     3.13. Insurance. The Companies currently maintain policies of fire,
liability, worker's compensation, life, and property and casualty in respect to
their business. All such policies (i) are in full force and effect and (ii) are
sufficient for compliance in all material respects by the Companies with all
requirements of law and all agreements to which the Companies are parties.

     3.14. Employee Benefit Plans. DNNE does not currently maintain, contribute
to, or participate in, any pension, profit-sharing, deferred compensation,
bonus, severance, group or individual health, dental, medical, life insurance,
survivor benefit, car allowance, or similar plan,

                                       7
<PAGE>

policy or arrangement, whether formal or informal, for the benefit of any
employee. Such arrangements are referred to in this Agreement as the "Employee
Benefit Plans."

     3.15. Real and Personal Property.

     (a) Real Property. The Companies do not own any real property. True and
complete copies of all leases with respect to real property leased by the
Companies are available to the Purchasers, upon reasonable request. Each of
said leases has been duly authorized and executed by the parties and is in full
force and effect. Neither DNNE nor Nuvera is in default under any of said
leases, nor, to the knowledge of the Sellers, has any event occurred which,
with notice or the passage of time, or both, would give rise to such a default.
To the knowledge of the Sellers, the other party to each of said leases is not
in default under any of said leases and there is no event which, with notice or
the passage of time, or both, would give rise to such a default. No consent or
approval is required from the other parties to any such lease or from any
regulatory authority in The Netherlands or in the United States relating to the
transfer of a leasehold interest in real property and no filing with any such
regulatory authority is required in connection therewith. To the extent that
any such consents, approvals or filings are required, the Sellers or Nuvera
will obtain or complete them before the Closing.

     (b) Personal Property. A complete description of the equipment of the
Companies is available to the Purchasers, upon reasonable request. The
Companies have good and marketable title to all of their personal property.
None of such personal property or assets is subject to any mortgage, pledge,
lien or encumbrance, except as specifically disclosed in said description.
Except as otherwise specified in said description hereto, all leasehold
improvements, furnishings and equipment of the Companies are in good working
order and comply in all material respects with all applicable laws, ordinances
and regulations.

     3.16. Receivables from Affiliates. Except as reflected in the Closing Date
Accounts, the Companies do not have any accounts or loans receivable from any
person, firm or corporation which is controlled by, controlling or under the
control of, the Sellers or Nuvera or from any director, officer or employee of
the Sellers or Nuvera, and all accounts and loans receivable from any such
person, firm or corporation shall be paid in cash prior to the Closing.

     3.17. Transactions with Interested Persons. Neither the Companies nor any
stockholder, officer, supervisory employee or director of the Companies or, to
the knowledge of the Sellers, any of their respective spouses or family
members, owns directly or indirectly on an individual or joint basis any
material interest in, or serves as an officer or director or in another similar
capacity of, any competitor or supplier of the Companies, or any organization
which has a material contract or arrangement with the Companies.

     3.18. Employees; Labor Matters. A complete list of employees of the
Companies is available to the Purchasers, upon reasonable request, together
with their current position. The Companies are not delinquent in payments to
any of their employees for any wages, salaries, commissions, bonuses or other
direct compensation for any services performed for it to the date hereof or
amounts required to be reimbursed to such employees. Upon termination of the
employment of any of said employees, the Companies will not, by reason of the
transactions

                                       8
<PAGE>

contemplated under this Agreement or anything done prior to the Closing, be
liable to any of said employees for so-called "severance pay" or any other
payments. The Companies have no policy, practice, plan or program of paying any
form of severance compensation in connection with the termination of
employment, except as set forth in said Schedule. The Companies are in
compliance with all applicable laws and regulations respecting labor,
employment, fair employment practices, work place safety and health, terms and
conditions of employment, and wages and hours. There are no charges of
employment discrimination or unfair labor practices, nor are there any strikes,
slowdowns, stoppages of work, or any other concerted interference with normal
operations which are existing, pending or threatened against or involving the
Companies. There are no grievances, complaints or charges that have been filed
against the Companies, and there is no arbitration or similar proceeding
pending and no claim therefor has been asserted. No collective bargaining
agreement is in effect or is currently being or is about to be negotiated by
the Companies. The Companies have received no information indicating that any
of their employment policies or practices is currently being audited or
investigated by any domestic or foreign government agency. No circumstances
have arisen under which the Companies are likely to be required to pay damages
for wrongful dismissal, to make any statutory redundancy payment or make or pay
any compensation in respect of unfair dismissal, or make any other payment
under any employment protection or other employment statutes, treaties,
regulations, by-laws, codes or orders, or to reinstate or re-engage any former
employee.

     3.19. Environmental Matters.

     (a) The Companies are in compliance with all Environmental Laws applicable
to their business. The Companies have all permits necessary under any
Environmental Law to conduct their business as presently conducted. There is no
suit, action, claim, arbitration, administrative, governmental investigation
(including, but not limited to, requests for information) or other legal
proceeding pending or, to the best of the Companies knowledge, threatened,
which relates to the ownership, conduct or operation of their business and
which arises under Environmental Law or which is reasonably likely to give rise
to an Environmental Liability.

     (b) For purposes of this Section 3.19, the following terms shall have the
meanings set forth below:

          (i) "Environmental Laws" means any and all federal, state, local and
     foreign statutes, laws, judicial decisions, regulations, ordinances,
     rules, judgments, orders, decrees, codes, plans, injunctions, permits,
     licenses, agreements and governmental restrictions, relating to human
     health, safety, the environment or to emissions, discharges or releases of
     pollutants, contaminants or other hazardous substances or wastes into the
     environment, including without limitation ambient air, surface water,
     ground water or land, or otherwise relating to the manufacture,
     processing, distribution, use, treatment, storage, disposal, transport or
     handling of pollutants, contaminants or other hazardous substances or
     wastes or the clean-up or other remediation thereof.

          (ii) "Environmental Liabilities" means any and all liabilities of or
     relating to the business of the Companies which arise under or relate to
     matters covered by Environmental Laws.

                                       9
<PAGE>

     ARTICLE IV.    REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

     On the Closing Date, the Purchasers hereby represent and warrant to the
Sellers as follows:

     4.1. Corporate Organization. The Purchasers are duly incorporated, validly
existing and in good standing under any applicable laws, to which the
Purchasers are subject. The Purchasers have the requisite corporate power and
authority to conduct their business as they are currently being conducted.

     4.2. Corporate Power and Authority; Non-Contravention.

     (a) the Purchasers have all requisite corporate power and authority to
execute and deliver this Agreement and each agreement, document and instrument
to be executed and delivered by the Purchasers pursuant to or as contemplated
by this Agreement (collectively, the "Purchasers Agreements") and to carry out
the transactions contemplated hereby and thereby. The execution and delivery of
this Agreement and the Purchasers Agreements by the Purchasers and the
consummation by the Purchasers of the transactions contemplated hereby and
thereby have been duly authorized by all necessary corporate action on the part
of the Purchasers, including the approval of the stockholders and board of
directors, and no other corporate action or proceeding on the part of the
Purchasers is necessary to authorize the execution and delivery by the
Purchasers of this Agreement and the Purchasers Agreements or the consummation
by the Purchasers of the transactions contemplated hereby and thereby. This
Agreement and each of the Purchasers Agreements constitutes the valid and
binding obligation of the Purchasers, enforceable against the Purchasers in
accordance with their respective terms. The execution, delivery and performance
by the Purchasers of this Agreement and each of the Purchasers Agreements:

          (i) do not and will not conflict with or violate any provision of the
     Certificate of Incorporation or the Articles of Association of the
     Purchasers;

          (ii) do not and will not violate any laws, rules or regulations of
     any state or other jurisdiction applicable to the Purchasers, or require
     the Purchasers to obtain any approval, consent or waiver of, or to make
     any filing with, any Person that has not been obtained or made; and

          (iii) do not and will not result in a breach of, constitute a default
     under, accelerate any obligation under or give rise to a right of
     termination of any indenture or loan or credit agreement or any other
     agreement, contract, instrument, mortgage, lien, lease, permit, license,
     authorization, order, writ, judgment, injunction or decree to which the
     Purchasers are parties or by which the Purchasers or their properties are
     bound, or result in the creation or imposition of any mortgage, pledge,
     lien, security interest or other charge or encumbrance on any of the
     assets or properties of the Purchasers.

         4.3. No Consents or Approvals Required. No notice, declaration, report
or other filing or registration with, and no consent, waiver, approval or
authorization of, any governmental or

                                      10
<PAGE>

regulatory authority or instrumentality or any other person is required to be
submitted, made or obtained by the Purchasers in connection with the execution,
delivery or performance of this Agreement or the Purchasers Agreements, or the
consummation of the transactions contemplated hereby or thereby, except for
those the failure of which to submit, make or obtain would not have a material
adverse effect upon the assets or business of the Purchasers.

     4.4. Investment Representations.

     (a) The Purchasers, by reason of their business and financial experience,
have such knowledge, sophistication and experience in business and financial
matters as to be capable of evaluating the merits and risks of their investment
in the Subscription Shares and in the Shares, and they are purchasing the
Shares hereunder for their own account, for investment only and not with a view
to, or any present intention of, effecting a distribution of such securities or
any part thereof. The Purchasers acknowledges that the Shares to be purchased
hereunder have not been registered under the Securities Act or the securities
laws of any state or other jurisdiction and cannot be disposed of unless they
are subsequently registered under the Securities Act and any applicable state
laws or exemption from such registration is available.

     (b) The Purchasers are "accredited investors" as that term is defined in
Rule 501 promulgated under the Securities Act.

     (c) The Purchasers have had the opportunity to ask questions and to
receive answers concerning the financial condition, operations and prospects of
the Companies and the terms and conditions of the investment in the Companies.

     ARTICLE V.     PURCHASE OF THE SHARES; REGISTRATION RIGHTS

     5.1 Rights of the Purchasers. The Purchasers have the irrevocable right to
purchase from DNNE all, but not less than all, the Shares, conditional upon the
transfer of the Subscription Shares to Norfin in accordance with Article 5.3.
DNNE hereby irrevocably offers to sell the Shares to the Purchasers. The price
for the Shares to be purchased by the Purchasers and to be sold by DNNE
pursuant to the above, shall be a total amount of $ 1.600.000 (in the
aggregate, the "Purchase Price"). The Purchasers may exercise its right on June
30, 2001, by means of written notice dispatched to DNNE within June 30, 2001
("Notice of Transfer"). The consummation of the transfer of the Shares to the
Purchasers and the accomplishment of any formalities incident thereto shall
take place within ten (10) business days after June 30, 2001 ("the Date of
Purchase"). On or before the Date of Purchase, the Purchasers shall:

     (a) pay into DNNE account (at the bank to be communicated by DNNE to the
Purchasers at least three business days before the Date of Purchase) the
Purchase Price in immediately available funds; and

     (b) agree in writing to be bound by the terms and conditions of the
Stockholders' Agreement then in force on the Date of Purchase; and

     (c) agree in writing to be bound by the terms of any lock-up agreement or
similar prohibition from selling, transferring, hedging or otherwise conveying
the Shares, as may be reasonably requested by the underwriters in connection
with any IPO (as defined below).

                                      11
<PAGE>

     5.2. Initial Public Offering and Registration of securities.
Notwithstanding the above, the Sellers agree to give promptly written notice
(but in no event less than 10 days before the first filing date of the S-1 Form
with the SEC) to the Purchasers, of any of the following:

     (a) initial public offering of securities of Nuvera under the Securities
Act (an "IPO"); or

     (b) consolidation or merger of Nuvera with or into another entity, whether
or not Nuvera is the surviving entity of all or substantially all of the assets
of Nuvera, in each case where (i) the consideration received by DNNE is cash or
stock or securities of the purchasing entity and (ii) such stock or securities
(or any stock or securities into which such stock or securities are convertible
or exchangeable) are listed for trading on a national securities exchange or on
NASDAQ;

     (c) registration of any shares of common stock of Nuvera for sales under
the Securities Act (whether in connection with an IPO, a public offering of
securities by stockholders of Nuvera or both, but not in connection with a
registration effected solely to implement benefit plan or a transaction to
which Rule 145 or any other similar Rule of the Commission under the Securities
Act is applicable).

     Within ten (10) business days following receipt of such notice, the
Purchasers: (i) will be entitled to exercise immediately the right to purchase
the Shares, in accordance with the terms and conditions set forth in Article
5.1. above; and (ii) thereafter will have the opportunity to register such
Shares on the same terms and conditions as may be granted to the other
stockholders of Nuvera under the Stockholders' Agreement. The consummation of
the transfer of the Shares to the Purchasers and the accomplishment of any
formalities incident thereto shall take place on the earliest date possible
(the "Early Date of Purchase") and, in any case, at such time to permit the
Purchasers to request and effect registration of the Shares or to exercise any
Registration Rights, as defined in Article IV of the Stockholders Agreement, in
accordance with the relevant terms thereof. On or before the Early Date of
Purchase, the Purchasers shall comply with Sect. 5.1. (a), (b) and (c).

     5.3. Rights of Norfin. Norfin will have the irrevocable right to purchase
from the Purchasers all, but not less than all, the Subscription Shares,
conditional upon the purchase of the Shares by the Purchasers in accordance
with Article 5.1. or 5.2. above. Norfin hereby irrevocably offers to purchase
such Subscription Shares. The price for the Subscription Shares to be purchased
by Norfin and to be sold by the Purchasers pursuant to the above shall be a
total amount of $ 1.600.000 (the "Redemption Price"). Norfin shall exercise its
right by means of written notice dispatched to the Purchasers upon receipt of
the Notice of Transfer (the "Notice of Redemption"). The consummation of the
transfer of the Subscription Shares to Norfin and the accomplishment of any
formalities incident thereto shall take place on (i) the Date of Purchase, in
case of purchase of the Shares by the Purchasers according to Sect. 5.1. above;
or (ii) on the Early Date of Purchase, in case of purchase of the Shares by the
Purchasers in accordance with Sect. 5.2. (the Date of Purchase is defined in
Sect. 5.1. and the Early Date of Purchase is defined in Sect. 5.2. above). On
or before the Date of Purchase or the Early Date of Purchase, as the case may
be, Norfin shall pay into Purchasers' account (at the bank to be communicated
by the

                                      12
<PAGE>

Purchasers to Norfin at least three business days before) the Redemption Price
in immediately available funds.

     5.4. Expiration of the rights of the Purchasers. Should the Purchasers:

     (a) fail to dispatch to DNNE the Notice of Transfer within June 30, 2001;
or

     (b) fail to exercise its right in accordance with Article 5.2. and fail to
transfer the Subscription Shares to Norfin in accordance with Article 5.3.;
then any right of the Purchasers incident thereto shall expire and the
Purchasers shall no longer have the right ---- to purchase the Shares from DNNE
pursuant to Article 5.1. and 5.2., nor to transfer the Subscription Shares to
Norfin pursuant to Article 5.3.

     5.5. Representations. All representations and warranties made by the
Purchasers or, respectively, by the Sellers, contained in this Agreement or in
any written statement or instrument delivered to the Sellers or, respectively,
to the Purchasers pursuant to this Agreement shall be true, correct and nor
misleading in all respects on and as of the Date of Purchase as though such
representations and warranties were made at and as of such date.

     ARTICLE VII.   INDEMNIFICATION

     7.1 Agreement to Indemnify. (a) From and after the Date of Purchase or
from and after the Early Date of Purchase, the Sellers agrees to indemnify,
defend and hold jointly and severally harmless the Purchasers from and against
any and all demands, claims, losses, damages, costs and expenses, including
without limitation interest, costs, liabilities, fines, penalties and
reasonable fees of attorneys and consultants (collectively, "Damages"),
asserted against, imposed upon or incurred or suffered by the Purchasers as a
result of or arising from any breach of any representation, warranty, covenant
or agreement of the Sellers contained in this Agreement.

     (b) The aggregate liability of the Sellers with respect to claims for
indemnification pursuant to Section 7.1(a) above shall not exceed an amount
equivalent to the Purchase Price. The Sellers shall have no liability in
respect of claims for indemnification pursuant to Section 7.1(a) above (i)
unless and until the total Damages suffered by the Purchasers with respect to
such claims exceeds $100,000, and then only to the extent of such excess, and
(ii) unless written notice of such claim, in accordance with the provisions of
Section 7.2, shall have been given to the Sellers on or before the date which
is (x) the period of the statute of limitations applicable to the underlying
claims for the representations and warranties of the Sellers set forth in
Article 3.8. (Compliance with applicable law); 3.9 (Taxes); 3.14 (Employee
Benefit Plan); 3.18 (Employees; Labor Matters); and (y) three (3) years after
the Date of Purchase or after the Early Date of Purchase, for all other
representations and warranties set forth in Article 3.

     7.2 Procedure for Indemnification. (a) In the event that any indemnified
party receives written notice of the commencement of any action or proceeding,
the assertion of any claim by a third party or the imposition of any penalty or
assessment for which indemnity may be sought pursuant to this Article 7 (a
"Third Party Claim"), and such indemnified party intends to seek indemnity
pursuant to this Article 7, such indemnified party shall promptly provide the

                                      13
<PAGE>

indemnifying party with notice of such action, proceeding, claim, penalty or
assessment, and such indemnifying party shall, upon receipt of such notice, be
entitled to participate in or, at the indemnifying party's option, assume the
defense, appeal or settlement of such action, proceeding, claim, penalty or
assessment with respect to which such indemnity has been invoked with counsel
selected by it and approved by the indemnified party (such approval not to be
unreasonably withheld), and such indemnified party will fully cooperate with
the indemnifying party in connection therewith; provided that such indemnified
party shall be entitled to employ its own counsel to represent it if, in such
indemnified party's reasonable judgment, a conflict of interest between the
indemnifying party and the indemnified party exists in respect of such claim,
or if the defendants in, or targets of, any such action or proceeding include
both an indemnified party and an indemnifying party and such indemnified party
shall have reasonably concluded that there may be legal defenses available to
it that are different from or additional to those available to the indemnifying
party, and in any such event the reasonable fees and expenses of such separate
counsel shall be paid by the indemnifying party. In the event that the
indemnifying party fails to assume the defense, appeal or settlement of such
action, proceeding, claim, penalty or assessment within 20 days after receipt
of notice thereof from such indemnified party, such indemnified party shall
have the right to undertake the defense or appeal of or settle or compromise
such action, proceeding, claim, penalty or assessment on behalf of and for the
account and risk of the indemnifying party. The indemnifying party shall not
settle or compromise any such action, proceeding, claim, penalty or assessment
without the indemnified party's prior written consent.

     (b) Any indemnifiable claim that is not a Third Party Claim shall be
asserted by written notice to the indemnifying party from the indemnified
party, which notice shall be provided promptly after the indemnifying party
becomes aware of the claim. If the indemnifying party does not respond to such
notice within 60 days, it shall have no further right to contest the validity
of such claim.

     ARTICLE VIII.  MISCELLANEOUS PROVISIONS

     8.1 Expenses. Each party shall bear its own costs and expenses, including
the reasonable fees and disbursements of legal counsel and other professionals,
incurred in connection with the transactions contemplated by this Agreement.

     8.2 Amendment and Waiver. Any party may waive any provision hereof
intended solely for its benefit in writing. No failure or delay on the part of
any party hereto in exercising any right, power or remedy hereunder shall
operate as a waiver thereof. Except as otherwise expressly provided herein, the
remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to any party hereto at law or in equity or
otherwise. No amendment of or supplement to this Agreement shall be valid or
effective unless in writing and executed by the parties hereto or their
successors.

     8.3 Headings. The Article and Section headings used or contained in this
Agreement are for convenience of reference only and shall not affect the
construction of this Agreement.

                                      14
<PAGE>

     8.4 Counterparts. This Agreement may be executed in one or more
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which together
shall be deemed to constitute one and the same agreement.

     8.5 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by law.

     8.6 Entire Agreement. This Agreement and the other agreements contemplated
hereby are intended by the parties as a final expression of their agreement and
intended to be complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein. This Agreement and the other agreements contemplated hereby
(including the exhibits hereto) supersede all prior agreements and
understandings between the parties with respect to such subject matter.

     8.7 Adjustments. All references to share prices and amounts herein shall
be equitably adjusted to reflect stock splits, stock dividends,
recapitalizations and similar changes affecting the capital stock of the
Companies.

     8.8 Governing Law. This Agreement shall be construed and enforced in
accordance with and governed by the substantive laws of Italy, except with
respect to (i) formalities related to the Capital Increase and the transfer of
full ownership of the Subscription Shares, which are subject to the laws of The
Netherlands; and (ii) formalities related to the IPO, registration of the
Shares and transfer of full ownership of the Shares, which are subject to the
federal and state laws of the United States of America.

     8.9 Arbitration. Any controversy, claim or dispute arising out of or
relating to this Agreement, or any other agreement or instrument delivered in
connection therewith shall be submitted to and finally settled in accordance
with the Rules of Arbitration of the International Chamber of Commerce, by a
panel of three arbitrators appointed in accordance with said Rules. Judgment
upon the award rendered by the arbitrator(s) in accordance with said rules may
be entered and enforced in any court of competent jurisdiction and, for such
purpose, each party hereby waives any form of recourse against the arbitral
award. Any such arbitration proceedings shall be held in Milan.

     For any purposes under this Article, both from a procedural and
substantive aspects, the Purchasers shall be deemed one party. Likewise, to the
same extent, the Sellers shall be deemed one party.

     8.10 Notices. Notices or communications required or permitted to be given
hereunder shall be in writing, in English and, except as otherwise specifically
provided for in this

                                      15
<PAGE>

Agreement, shall be sent by telex, hand delivered letter, fax (confirmed by
registered letter) or by registered mail, return receipt requested, addressed
as follows:

     if to the Sellers:
              Norfin International S.A.
              attn Mr. Albert Wildgen
              90 rue Des Sept Arpents
              L-1139 Luxembourg
              tel. 0035-2.404.960
              facsimile 0035-2.404.409

     with copy to:
              Studio Legale Cannata Pierallini e Associati
              Avv. Giuseppe Cambareri
              Via dei Giardini 10 20121 Milano
              tel. 0039-02-6555056
              facsimile 0039-02-6555056

     if to the Purchasers
              Fineurop International Limited
              Attn Mr. Ronald Adair
              18-20 Dumaresq Street, St. Helier
              Jersey JE2 3RL
              tel. 0044-1534-5155525
              facsimile 0044-1534-5155516

     All notices shall be deemed received when actually received at the above
addresses.

     8.11 Public Statements. No party shall issue any press release or
otherwise make any public statements with respect to this Agreement or the
transactions contemplated hereby without the prior written consent of the other
parties hereto.

                                      16
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                            NORFIN INTERNATIONAL S.A.

                                            By: /s/ Mauro Saponelli
                                               ---------------------------------
                                               Name: Mauro Saponelli
                                               Title: Director

                                            DENORA NEW ENERGY INVESTMENTS B.V.

                                            By: /s/ Franco Mazzucchi
                                               ---------------------------------
                                               Name: Franco Mazzucchi
                                               Title: Director

                                            FINEUROP INTERNATIONAL LTD.

                                            By: /s/ Ronald Adair
                                               ---------------------------------
                                               Name: Ronald Adair
                                               Title: Director

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