| [May 15, 2007] |
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NCMS Awards Millennium Cell Funding for Next Phase of Fuel Cartridge Manufacturing Development
EATONTOWN, N.J. --(Business Wire)-- Millennium Cell Inc. (NASDAQ:MCEL) announced today that it has received additional funding from the National Center for Manufacturing Sciences (NCMS) through its Department of Energy award to advance manufacturing technologies for the production of hydrogen storage products. This program will focus on lowering the cost and improving the durability of fuel cell cartridges to be manufactured by Millennium Cell and its licensees for fuel cell products. Millennium Cell and Edison Welding Institute will be executing this phase of the program, which will be focused on the testing and validation of cartridges assembled with materials identified by a team which also included The Dow Chemical Company in the first phase of this program.
The previous phase of the program was completed in January 2007 and focused primarily on materials selection, manufacturing techniques and joining technologies for fuel cartridges. The program resulted in the construction of a pilot production line to produce fuel cartridges for commercial applications. Since that time, Millennium Cell has shipped components for 25 fuel cartridges to Jadoo Power to support their contract deliverables with the U.S. Department of Defense. The Company also shipped over 25 additional units to the NextEnergy Center for independent testing which is ongoing as part of the manufacturing process validation.
"This program has been valuable to Millennium Cell and its licensees as we continue our work towards commercialization of low cost, robust fuel cartridges," commented Adam P. Briggs, Millennium Cell's President. "We are pleased to work with NCMS and the rest of our project partners to enable the manufacturing of fuel cartridges for deliveries during 2007."
In 2006, Millennium Cell announced that it had agreed to supply up to 250 Hydrogen on Demand fuel cartridges for delivery in 2007 to South Carolina as part of the Greater Columbia Fuel Cell Challenge. The cartridges will provide the hydrogen fuel for Jadoo's XRT Extended Runtime Accessories targeted for use with emergency responders, Homeland Security and other "off-grid" power support applications in Columbia, South Carolina. With over 2200 W-hrs of energy, the XRT is ideal for off-grid, critical applications such as portable radio and laptop battery recharging, powering mobile law enforcement surveillance installations as well as providing back-up power for critical communication devices like satellite phones and modems.
About Millennium Cell
Millennium Cell is a leader in the development of hydrogen battery technology used to power portable applications. Through its proprietary Hydrogen on Demand(R) fuel cartridges and PowerSkin(TM) fuel cell modules, the Company provides increased energy density resulting in longer runtime and lighter weight in a compact space. The Company is working with market partners to meet the demand for a better battery in the military, medical, industrial and consumer electronics markets. For more information, visit www.millenniumcell.com.
About NCMS
The National Center for Manufacturing Sciences (NCMS) is the largest cross-industry collaborative research and development consortium in North America, and is the only consortial effort in the U.S. devoted exclusively to manufacturing technologies, processes and practices. NCMS has 20 years of experience in the formation and management of complex, multi-partner collaborative R&D programs, and is backed by corporate members representing virtually every manufacturing sector.
About Jadoo Power Systems
www.jadoopower.com
Jadoo Power Systems, Inc. is a market-focused company that develops and sells next-generation, portable energy storage and power generation products. Jadoo is the largest supplier of fuel cell products to the portable power space. Jadoo is financed by Mohr Davidow Ventures, Venrock Associates and Sinclair Ventures, a wholly owned subsidiary of Sinclair Broadcast Group, Inc.
About The Dow Chemical Company
Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $46 billion and employs 42,000 people worldwide. References to "Dow" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. For further information, visit Dow's web site at www.dow.com.
About EWI
Based in Columbus, Ohio, EWI is North America's largest engineering and technology organization dedicated to welding and materials joining. EWI's staff provides materials joining assistance, contract research, consulting services and training to over 3,300 member company locations representing world-class leaders in the aerospace, automotive, defense, energy, heavy manufacturing, medical and electronics industries. For more information, please visit www.ewi.org.
About NextEnergy Center
NextEnergy is a non-profit corporation founded to enable the commercialization of energy technologies that positively contribute to economic competitiveness, energy security, and the environment. The state-of-the-art NextEnergy Center and related energy infrastructure supports research, development, education, and outreach through collaboration among automotive, military, and energy company interests. For more information, visit www.nextenergy.org.
Cautionary Note Regarding Forward-looking Statements:
This press release may include statements that are not historical facts and are considered ``forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millennium Cell's current views about future events and financial performance and are subject to risks. Forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate," "on target" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from Millennium Cell's expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell's hydrogen fuel storage and delivery system; (ii) the cost and commercial availability of the quantities of raw materials required by the hydrogen fuel storage and delivery systems; (iii) competition from current, improving and alternative power technologies; (iv) Millennium Cell's ability to raise capital at the times, in the amounts and at the costs and terms that are acceptable to fund the development and commercialization of its hydrogen fuel storage and delivery system and its business plan; (v) Millennium Cell's ability to protect its intellectual property; (vi) Millennium Cell's ability to achieve budgeted revenue and expense amounts; (vii) Millennium Cell's ability to generate revenues from the sale or license of, or provision of services related to, its technology; (viii) Millennium Cell's ability to form strategic alliances or partnerships to help promote our technology and achieve market acceptance; (ix) Millennium Cell's ability to generate design, engineering or management services revenue opportunities in the hydrogen generation or fuel cell markets; (x) Millennium Cell's ability to secure government funding of its research and development and technology demonstration projects; and (xi) other factors discussed under the caption "Risk Factors" in Millennium Cell's Annual Report on Form 10-K for the year ended December 31, 2006.
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