Millennium Cell and DaimlerChrysler Formalize Next Phase of Cooperation
EATONTOWN, N.J.--Dec. 9, 2002--Millennium Cell Inc. , a leading technology solutions company that has created a proprietary technology to safely store, generate and deliver pure hydrogen utilizing sodium borohydride, and DaimlerChrysler have moved into a new phase of their business relationship, with DaimlerChrysler agreeing to fund continued development of the Millennium Cell Hydrogen on Demand(TM) hydrogen fuel system for the automaker's fuel cell vehicles."For over two years, we have benefited from our cooperative relationship with the Liberty group of DaimlerChrysler. Today we are pleased to announce our continued cooperation to further develop the Hydrogen on Demand(TM) fuel system for their fuel-cell powered vehicles," said Rex E. Luzader, Millennium Cell Vice President, Business Development for Transportation and Hydrogen-Fuel Infrastructure.
During DaimlerChrysler's recent North American Innovation Symposium in New York City, Bernard Robertson, DaimlerChrysler Senior Vice President For Engineering Technologies and Regulatory Affairs, announced that the automaker plans to introduce a fleet of "clean, efficient" hydrogen-powered fuel cell vehicles (FCVs) in the U.S. next year as part of a "worldwide test program."
Additionally, Robertson said the company will develop a second generation FCV powered by sodium borohydride. "We will also begin the transition to the powertrains and fuels of the future," he said. "Many of us in the automobile industry believe that includes fuel cell powertrains and hydrogen fuels." Last year, DaimlerChrysler became the first automaker to produce a vehicle using Millennium Cell's sodium borohydride-based Hydrogen on Demand(TM) fuel system.
"The success of the Natrium(TM) Town & Country minivan has exceeded our expectations and we are now focusing on further optimizing the fuel system in the areas of heat and water management," said Thomas Moore, Vice President, DaimlerChrysler's Liberty & Technical Affairs research and development group. Millennium Cell and DaimlerChrysler were recognized by Popular Science with a 2002 Best of What's New Award for the successful solution of hydrogen fuel delivery used in the Natrium.
The Hydrogen on Demand(TM) system releases the hydrogen stored in the chemical bonds of sodium borohydride solutions by passing the liquid through a chamber containing a proprietary catalyst. The reaction is totally inorganic, producing a high-quality energy without polluting emissions. Hydrogen is only produced - on demand - 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. Research of the Hydrogen on Demand(TM) system will continue to pursue the use of the heat that is naturally produced by the system and can benefit the fuel cell.
About Millennium Cell
Founded in 1998, Millennium Cell is based in Eatontown, NJ and has developed a multi-faceted patent portfolio, which the Company is pursuing in the United States and internationally surrounding a proprietary process called Hydrogen on Demand(TM). The Hydrogen on Demand(TM) system safely generates pure hydrogen 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 catalyst releases hydrogen. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. Hydrogen from this system can be used to power fuel cells or fed directly to internal combustion engines. Millennium Cell also has a patented design for boron-based longer-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.