Millennium Cell Featured in President Bush's Roll out Event for His New Hydrogen Initiative

    WASHINGTON--Feb. 6, 2003--Millennium Cell Inc. , a leading technology solutions company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, today participated in the White House event featuring remarks by President Bush on his $1.2 billion new hydrogen initiative FreedomCAR and Fuel.
    As one of the exhibitors, Millennium Cell generated hydrogen through its patented Hydrogen on Demand(TM) system to power two miniature remote controlled cars which had been adapted with fuel cells.
    Millennium Cell President and CEO Stephen S. Tang said, "We are enthusiastic about what this new initiative means to our country's prospects for energy independence and cleaner air which begins with the funding needed to make greater strides in this technology. Our Hydrogen on Demand(TM) technology has been demonstrated as an effective and efficient way to power automobiles, is environmentally friendly and responds to consumer needs. We look forward to being a part of this new, visionary initiative."
    Millennium Cell's Hydrogen on Demand(TM) proprietary system safely generates pure hydrogen from environmentally friendly raw materials that are abundant in the U.S. The hydrogen is stored at ambient conditions in a liquid fuel - an aqueous (water-based) solution of sodium borohydride, NaBH4. Sodium borohydride is made from borax, a plentiful mineral found abundantly in California, among other regions of the world. The process supplies pure hydrogen for energy applications without the need (and associated energy penalties) for compression or liquefaction. Hydrogen produced by this system can be used for numerous applications, addressing a wide range of power requirements from cellular phones to automobiles. The Hydrogen on Demand(TM) system releases the hydrogen stored in sodium borohydride solutions by passing the liquid through a chamber containing a proprietary catalyst.
    The reaction produces a high-quality energy source without polluting emissions. It is safe and easily controllable - hydrogen is only produced when the liquid fuel is in direct contact with the catalyst, thereby minimizing the amount of gaseous hydrogen present in the system at any given time. The fuel solution itself is nonflammable, nonexplosive, and easy to transport.

    About Millennium Cell

    Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. Millennium Cell has invented and developed a proprietary process called Hydrogen on Demand(TM) that safely generates pure hydrogen or electricity from environmentally friendly raw materials. Millennium Cell technology can be applied in transportation and portable power, including micro-power and long-life batteries. The company is traded on NASDAQ under the symbol MCEL. For more information on Millennium Cell, visit www.millenniumcell.com or call (866) 532-2783.

    Cautionary Note Regarding Forward-looking Statements:

    This press release may include statements, which 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. These forward-looking statements are identified by their use of terms and phrases such as believe, expect, plan, anticipate 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 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 fuel cell systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, (v) the accuracy of cash flow and earnings per share predictions and (vi) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission. Company management does not attempt to update forecasts unless conditions materially change.