Millennium Cell Ships Two Prototype Hydrogen On Demand Fuel Systems to PSA Peugeot Citroen
EATONTOWN, N.J.--April 11, 2002--Millennium Cell Inc. --Milestones Met in Commercial Relationship Announced in December, Under Terms of Sales Agreement, Marks Company's First Prototype Sales
Millennium Cell Inc. , a development-stage company that has created a proprietary technology to safely generate and store hydrogen, announced today that the Hydrogen on Demand(TM) hydrogen fuel systems ordered by European automaker PSA Peugeot Citroen have been shipped from the company's Eatontown, N.J. headquarters.
PSA Peugeot Citroen entered into an agreement to purchase two such systems for evaluation and integration into electric powered vehicles.
PSA Peugeot Citroen is the global leader in the manufacture of electric cars, having produced more than 9,000 electric vehicles to date. The Hydrogen on Demand(TM) fuel systems will be integrated into a prototype based on PSA Peugeot Citroen's recently announced Fuel Cell Cab.
"We are extremely pleased to be working with the world's leader in electric powered vehicles," said Rex Luzader, Millennium Cell Vice President Business Development, Transportation and Hydrogen Infrastructure Development, "and equally pleased to have reached the first commercial milestone in our relationship on time. We believe that PSA Peugeot Citroen's evaluation of our technology and its ability to significantly extend the range of battery-powered vehicles will lead to greater collaboration and success in developing robust electric vehicles that can perform to consumer demands."
"Our interest in fuel cell automotive technology continues," said Pascal Henault, PSA Peugeot Citroen Vice President, Automotive Research and Innovation. "We recognize that the key question for hydrogen powered fuel cells in cars is a safe, robust hydrogen fuel system. We are pleased that the prototype units have been shipped and look forward to entering the evaluation phase."
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.
About PSA Peugeot Citroen
PSA Peugeot Citroen is the world's sixth largest car maker with 3 million vehicles sold in 2001. The Group is the second-largest car manufacturer on the European market with a 15% market share at the end of October 2001. At this time, the Group is first in the French, Spanish, Belgian and Danish markets, and second in the U.K., Portugal, the Netherlands and Greece. Sales have grown 50% in the last four years. The Group includes 195,000 employees worldwide.
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. These 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 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) our 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 our hydrogen fuel storage and delivery system, (v) our ability to protect our intellectual property, (vi) our ability to achieve budgeted revenue and expense amounts and (vii) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.