Millennium Cell Hydrogen System Poised for Profitability in near Term Markets.

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--Oct. 16, 2003

Dr. Stephen S. Tang, Millennium Cell President and CEO, speaking today at the fourth annual Energy Venture Fair in Philadelphia, PA, described Millennium Cell Hydrogen on Demand(TM) technology as "simple, yet elegant" with numerous benefits, particularly for the early adopter markets of consumer electronics and standby power. Millennium Cell Inc. (NASDAQ:MCEL), a leading technology company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, has systems currently in development with commercial partners for these markets.

"Millennium Cell is the only hydrogen fuel and storage company that sells to all the major market segments --standby power, consumer electronic, military, and transportation," said Tang. "Fuel cells require pure hydrogen, stored safely and conveniently. We believe we are poised for profitability especially in the near term markets of consumer electronics and standby power because licensing of Millennium Cell technology precedes fuel cell product launches, making Millennium Cell a bellwether company in the emerging hydrogen energy industry."

Tang outlined the technology in development and the "simple, but elegant" Hydrogen on Demand(TM) fuel system. The 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 small enough to be used in consumer electronics, such as cellular telephones and personal computers, larger fuel cells for standby power systems, or fed directly to internal combustion engines. Tang described the potential of the Millennium Cell system to provide better performance than lithium ion batteries at a lower cost than alkaline batteries. In addition, he said, it has more commercial promise than direct methanol fuel cells, because it is safer, more efficiently used (i.e., less fuel for the same runtime) and can provide more energy in a smaller configuration.

The fourth annual Energy Venture Fair, sponsored by energy industry venture companies and consulting firms, features 75 invited CEOs from energy technology, product and service companies seeking capital funding. Tang's presentation was furnished pursuant to Regulation FD in an 8-K submitted to the Securities and Exchange Commission by Millennium Cell on September 12, 2003.

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. For more information visit www.millenniumcell.com or call 866-532-2783.

Cautionary Note Regarding Forward-looking Statements:

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.