Millennium Cell and PSA Peugeot Continue Joint Fuel Cell Vehicle Development

Included in the multi-phase program will be studies of on- and off-board fuel and borate management

Published: 22-Jan-2004

EATONTOWN, N.J.--(BUSINESS WIRE)--Jan. 22, 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, and European automaker PSA Peugeot Citroen announced today that they will work together to enhance the Millennium Cell Hydrogen on Demand(TM) fuel system in the fuel cell concept vehicle H2O, introduced at the 2002 Paris Auto Show.

PSA Peugeot Citroen has two Hydrogen on Demand(TM) systems, which were provided in the first phase of a working agreement between the two companies to test the systems for use in electric-powered vehicles. Successful validation of the Hydrogen on Demand (TM) fuel system concept for range extension led to this second phase of development. PSA Peugeot Citroen is the global leader in the manufacture of electric cars, having produced more than 9,000 electric vehicles to date.

"For nearly two years, we have benefited from our cooperative relationship with PSA Peugeot Citroen," said Dr. Stephen S. Tang, Millennium Cell President and CEO. "This work is well aligned with the current technology development effort surrounding our 5kW Hydrogen on
Demand(TM) fuel systems for standby power platforms."

"We are looking forward to continuing the relationship with our colleagues at PSA Peugeot Citroen," said Rex Luzader, Millennium Cell Vice President of Sales. "Our collaboration to date has been excellent, and this phase of our collaboration will result in the improvement of our system as it is applied to range-extension in battery-powered vehicles and will address the fueling infrastructure issues important in meeting consumer demand."

Included in the multi-phase program will be studies of on- and off-board fuel and borate management based on more concentrated forms of sodium borohydride fuel followed by a prototype system to validate the new concepts.

"The work done on the two first systems that have been evaluated, has confirmed an attractive potential for automotive application on safety and range aspects. In the frame of a nice collaboration with Millennium Cell in a first phase, PSA Peugeot Citroen has decided to enter in a second phase to improve fuel and borate management in our fuel cell vehicle," said Mr. Jean Pierre Goedgebuer, Scientific Director of PSA Peugeot Citroen.

At the unveiling of the H2O at the Paris Auto Show in 2002, it was described as a unique concept car, which is "the conjunction of a child's dream and an engineer's dream." H2O is an urban emergency response vehicle, which uses the Millennium Cell Hydrogen on Demand(TM) system as a range extender for the battery power.

The Hydrogen on Demand(TM) system generates hydrogen from sodium borohydride, which is derived from sodium borate, commonly known as borax. Dissolved in water and passed through a proprietary catalyst chamber, the sodium borohydride releases a perfect stream of pure hydrogen - on demand - to power a fuel cell or an internal combustion engine. The fuel's byproduct is water and borax.

Hydrogen on Demand(TM) systems are scalable to applications from small (notebook personal computers, cellular phones and personal digital assistants) to medium (auxiliary power units for standby power to boats, scooters) to large (automobiles). Because Millennium Cell's hydrogen generation technology is safe, flexible and environmentally friendly, it is an attractive alternative to existing technologies for many applications, solving the critical problems related to the use of hydrogen as a fuel: safe, low-cost and energy dense storage and generation of pure hydrogen gas.

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 or call 866-532-2783.

About PSA Peugeot Citroen

PSA Peugeot Citroen has sold 3.286 million vehicles in 2003. The Group is the second-largest car manufacturer on the European market with a 15.4 percent market share in 2003. At this time, the Group is first in the French, Spanish, Portugal, the Netherlands, Belgian and Danish markets, and second in the Italy, Austria, Switzerland and Greece markets. The Group includes 200,000 employees worldwide.

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.

CONTACT: Millennium Cell Inc. Chris Messina-Boyer, 732-544-5712 Cell: 703-217-2707

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