Harpster Named CFO of Millennium Cell.

Business Editors

EATONTOWN, N.J.--(BUSINESS WIRE)--Oct. 11, 2000

Millennium Cell, Inc. (MCEL-NASDAQ), which has developed a low cost, highly efficient non-pollutant alternative energy process using hydrogen, announced today that Norman R. Harpster has joined the company as vice president, finance and administration and chief financial officer.

Mr. Harpster, 49, who is known as Chip, spent the past 25 years at Air Products and Chemicals, Inc., in a variety of financial positions including vice president and controller, Global Gases and Equipment Group, and controller for European Operations, Environmental and Energy Group, Global Business Services and the Process Gas Division.

In making the announcement, Stephen S. Tang, president and chief executive officer, noted that "Chip's many years and varied responsibilities, his knowledge of business systems and disciplines with a major international industrial company will be an invaluable asset as Millennium Cell moves aggressively from a developmental to a fully commercial operation."

Mr. Harpster, who had spent his entire business career prior to joining Millenium Cell at Air Products, is a graduate of Lafayette College and earned his Master of Business Administration at the University of Virginia's Darden School of Business.

Millennium Cell (www.millenniumcell.com) is an alternative energy technology company which will generate energy in the form of hydrogen or electricity from it's proprietary Hydrogen on Demand(TM) generation systems based upon boron chemistry for the transportation industry and portable power markets. In the past six weeks, the company has demonstrated the potential versatility of this technology for use in compact power and heavy-duty transportation applications.

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, and (v) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.