Millennium Cell Outlines Business Objectives to Shareholders
Millennium Cell Inc. (NASDAQ: MCEL), a development-stage company that has created a proprietary technology to safely generate and store hydrogen, today released highlights of its first annual Letter to Shareholders, outlining the company's business goals for the rest of this year.
A significant part of Millennium Cell's business plan is to form key strategic partnerships with leading companies in selected industries. These partnerships will be chosen to ensure access to substantial markets such as portable power, transportation, and fuel supply; to give the company greater understanding of market needs; and to provide complementary technology, manufacturing, marketing, and distribution expertise.
"The rationale for this strategy is simple," said Stephen Tang, Millennium Cell President and CEO. "We recognize that we can better leverage the resources we need to succeed, including capital, people, time, and reputation, through partnerships with experienced companies."
Tang also outlined the company's business goals for the rest of
this year, summarized below:
|--||Establish commercial partnerships to assure near-term and long-term supply of sodium borohydride for energy application|
|--||Develop a process demonstration unit to prove the commercialization potential of a lower cost process for the primary manufacture and re-generation of sodium borohydride fuel|
-- License fuel system technology for portable power applications
-- Expand current relationships and establish collaborative
customer relationships to advance the commercialization of our
portable power technologies
-- Introduce Hydrogen On Demand(TM)fuel system technology for low emission (LEV) and zero emission (ZEV) vehicles.
-- Introduce Hydrogen On Demand(TM)fuel system technology for stationary power generators.
-- Protect intellectual property by broadening and deepening proprietary technology to support all areas of commercial interest.
"We have assembled the right scientific and business team and are committed to delivering against these objectives, " said Tang. "By doing so, we will advance our technology and validate the confidence our shareholders have placed in us."
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.
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