Millennium Cell and Ballard Power Systems Reach First Milestone in Joint Development Agreement
EATONTOWN, N.J.--(BUSINESS WIRE)--Feb. 22, 2001--Millennium Cell Inc. (NASDAQ: MCEL) today announced that initial demonstration of the Millennium Cell Hydrogen on Demand(TM) system has been successfully completed at Ballard Power System's Vancouver, B.C. facilities. The demonstration is the first milestone in the joint development process the two companies initiated in October 2000.
Millennium Cell is a development-stage company that has created a proprietary technology to safely generate and store hydrogen, a clean and abundant energy source. Ballard is a leading manufacturer of proton exchange membrane (PEM) fuel cells for a wide range of applications including portable power, electricity generation and transportation.
The agreement between Ballard and Millennium Cell calls for the two companies to collaborate on the development of commercial applications combining Ballard's fuel cell technology and Millennium Cell's hydrogen fuel generation process. Upon successful completion of the joint development agreement, Ballard will have the right to license Millennium Cell's technology for use in its portable products.
"Ballard's fuel cell technology is industry-leading, and we are very pleased that the joint development agreement with them is proceeding on schedule. We look forward to building on these key milestones as we work to bring our technology together in products that capitalize on the strengths of both our companies," commented Stephen Tang, Millennium Cell President and CEO.
Ballard Power Systems' proprietary fuel cell technology is enabling automobile, electrical equipment and portable power product manufacturers to develop environmentally clean products for sale. The fundamental component of these end-user products is the Ballard fuel cell that combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity.
Millennium Cell has invented, patented and developed a proprietary process called Hydrogen on Demand(TM) that safely generates pure hydrogen or electricity 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 particular catalyst either releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax, which is found in substantial natural reserves globally. The process supplies pure hydrogen for energy applications without the need for compression or liquefaction. Hydrogen from this system can be used to power fuel cells, as well as fed directly to internal combustion engines.
For more information on Millennium Cell, visit www.millenniumcell.com or call 732-542-4000.
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