Millennium Cell Selected for Department of Energy Funding.Energy Editors/Business Editors/High-Tech Writers EATONTOWN, N.J.--(BUSINESS WIRE)--June 25, 2003 Millennium Cell Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MCEL MCEL Model Coupling Executable Library ), a leading technology company that has created a patented system to safely store, generate and deliver pure hydrogen, has been chosen to receive a grant from the U.S. Department of Energy (DOE) for hydrogen research and development. Funding in this first year is anticipated at up to $600,000, with total potential funding of $3.5 million over three years. The company has additional government funding proposals pending and in preparation with DOE and the U.S. Department of Defense. Calling Millennium Cell a leader in sodium borohydride Sodium borohydride, also known as sodium tetrahydroborate, has the chemical formula NaBH4. This white solid, usually encountered as a powder, is a specialty reducing agent used in the manufacture of pharmaceuticals and other organic and inorganic compounds. technologies, the DOE notification letter also said, "Borohydride is an attractive chemical hydrogen storage
Hydrogen storage is the main technological problem of a viable hydrogen economy. Some attention has been given to the role of hydrogen to provide grid energy storage for unpredictable energy sources, like option due to capacity, ease of delivery and safety." Millennium Cell's Hydrogen on Demand(TM) system safely generates pure hydrogen, which is carried in the chemical bonds of sodium borohydride and water. "Millennium Cell is pleased that our research proposal will be funded by the Department of Energy in 2003 -- the year President Bush placed hydrogen fuel at the top of our country's energy agenda in his State of the Union address “State of the Union” redirects here. For other uses, see State of the Union (disambiguation). The State of the Union is an annual address in which the President of the United States reports on the status of the country, normally to a joint session of Congress (the ," said Dr. Stephen S. Tang, Millennium Cell President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This very important work on the regeneration of sodium borohydride will confirm our belief that there is a commercially viable, energy efficient, and less costly process than the current 60-year-old manufacturing technology to make sodium borohydride. Our team will include Air Products & Chemicals Inc., the largest global supplier of hydrogen and select performance chemicals. Our technical expertise in boron boron (bōr`ŏn) [New Gr. from borax], chemical element; symbol B; at. no. 5; at. wt. 10.81; m.p. about 2,300°C;; sublimation point about 2,550°C;; sp. gr. 2.3 at 25°C;; valence +3. chemistry will be complemented by those of Air Products in basic process research and innovative technology approaches to hydrogen generation and usage." 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally surrounding a proprietary process called Hydrogen on Demand(TM). The Hydrogen on Demand(TM) system safely generates pure hydrogen from environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] 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 or sodium tetraborate decahydrate (sō`dēəm tĕ'trəbôr`āt dĕk'əhī`drāt), chemical compound, Na2B4O7·10H2O; sp. gr. 1. . 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 Internal combustion engine A prime mover, the fuel for which is burned within the engine, as contrasted to a steam engine, for example, in which fuel is burned in a separate furnace. . 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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