Millennium Cell Selected for Department of Energy Funding.

Business Editors

EATONTOWN, N.J.--(BUSINESS WIRE)--April 28, 2004

Millennium Cell Inc. (NASDAQ: MCEL), a leading technology development company that has created a proprietary process to safely store, generate and deliver pure hydrogen, has been chosen to receive a grant from the U.S. Department of Energy (DOE) under the Hydrogen Storage Grand Challenge. Announced yesterday by Secretary of Energy Spencer Abraham, as part of President Bush's Hydrogen Research Initiative, Millennium Cell will participate with Los Alamos National Lab, Pacific Northwest National Lab, and other industry and academic partners to advance the research on chemical hydrides as a fuel for fuel cells. Funding in this effort is anticipated at up to $ 30 million, to be split among the participating organizations over the 5-year period. This will be the second Millennium Cell project funded by the DOE in an overall effort to advance hydrogen and fuel cell technology.

Calling the hydrogen economy a vision with long-term potential to deliver greater energy independence by reducing America's dependence on foreign sources of energy, Secretary Abraham announced the team including Millennium Cell was selected from a large number of merit-reviewed, competing proposals.

"Millennium Cell is pleased that our research proposal will be funded by the Department of Energy. Last year, President Bush placed hydrogen fuel at the top of our country's energy agenda in his State of the Union address," said H. David Ramm, Millennium Cell President and CEO. "The establishment of a Center of Excellence on Chemical Hydrogen Storage is the result of increasing awareness of the potential and performance advantages of chemical hydrides for hydrogen storage, and will confirm our belief that a commercially viable, energy efficient, and cost effective hydrogen storage technology is forthcoming."

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.