Millennium Cell's Freedom Fuel Road Tested for the First Time This Week in California

    LOS ANGELES--April 17, 2002--Millennium Cell's Hydrogen on Demand(TM) fuel system got its first public road test inside DaimlerChrysler's new Chrysler Town and Country Natrium(TM) clean energy vehicle.
    Millennium Cell's system, a sure step toward U.S. energy independence, provides a safe, environmentally-friendly fuel in which hydrogen is carried in the chemical bonds of sodium borohydride. The Natrium, named for the Latin word for sodium, was road tested by individuals in the San Francisco Bay area and Los Angeles and will be on the road in San Diego tomorrow.
    "The founding mission of Millennium Cell was to develop a system that was responsive to the needs and wants of the consumer for space, comfort, convenience and safety," said Dr. Stephen Tang, Millennium Cell President and CEO. "Our hydrogen system does that. It is gratifying to see it on the road this week after 18 months of development." ¶ "The key to Natrium is the fuel," said Thomas Moore, Vice President, DaimlerChrysler's Liberty & Technical Affairs research and development group. "It runs on a fuel system which is in some ways better than gasoline today."
    Millennium Cell's Hydrogen on Demand(TM) system uses sodium borohydride to produce a completely safe hydrogen fuel, dubbed Freedom Fuel(TM), based on abundant natural products found here in the United States.
    "In light of world events, this fuel is more important now than even when we started collaborating," said Moore.
    This unique fuel system gives the Natrium a range of 300 miles, significantly longer than any fuel cell vehicle shown to date. In addition, the vehicle has zero emissions -- no greenhouse gas or smog-forming compounds are produced by the vehicle.
    "We appreciate the remarkable partnership we have with DaimlerChrysler and will look forward to refining this promising vehicle of the future," said Tang.

    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 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.