Millennium Cell Announces Support for Department of Energy "Freedom CAR" Initiative
EATONTOWN, N.J.--Jan. 9, 2002--Millennium Cell Inc. , today announced strong support for the "Freedom CAR" initiative announced today in Detroit by Secretary of Energy Spencer Abraham and executives from leading automakers.
Millennium Cell is a developer of hydrogen fuel systems that safely generate, store and deliver pure hydrogen for clean energy applications, including transportation.
"The CAR in Freedom CAR stands for Cooperative Automotive Research," noted Dr. Stephen Tang, Millennium Cell President and Chief Executive Officer. "This kind of innovative collaboration between private enterprise and the public sector is critical to the development timeline for fuel cell vehicles. We are very pleased to support this effort, and congratulate Secretary Abraham and the Department for this vision."
Millennium Cell's Hydrogen on Demand(TM) fuel system is featured in the DaimlerChrysler concept vehicle, the Town and Country Natrium, which was introduced in Sacramento last month. The company also has an announced relationship with PSA Peugeot Citroen, which has ordered Hydrogen on Demand(TM) fuel systems for evaluation and integration as part of its electric taxi program. Ford is also currently evaluating the technology in its Detroit facilities.
"We believe that our technology solves a variety of challenges associated with the safe storage, transportation and generation of hydrogen on board vehicles," said Rex Luzader, Millennium Cell Vice President, Business Development for Transportation and Hydrogen Fuel Infrastructure. "We look forward to continuing our work with current transportation partners and expanding that work to other industry leaders."
Dr. Tang was recently appointed to a panel of executives advising DOE on hydrogen issues. The group first met in November and is working to articulate a national policy vision for the implementation of hydrogen technologies across a broad spectrum of energy applications. The development of hydrogen-fueled vehicles is a key component of this vision. "This new DOE initiative further underscores the commitment of our government to the development of a viable hydrogen fuel supply system. Working together with industry, I am convinced that the U.S. can achieve the national goal of energy independence, support national security needs and create significant environmental benefits," Tang added. The proceedings of the first National Hydrogen Vision Meeting are available online at: www.eren.doe.gov/hydrogen/features.html.
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. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a particular catalyst either releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. 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 732-542-4000.
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 hydrogen generation 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.