EATONTOWN, N.J. - (Business Wire) Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, today confirmed that its Hydrogen on Demand
® technology provided the energy storage for a record-breaking nine hour flight of AeroVironment
’s (NASDAQ:
AVAV -
News) PUMA. The PUMA, a small unmanned air vehicle (UAV) was powered by Protonex Technology Corporation
’s (LSE:
PTX -
News) Pulse
™ UAV fuel cell system, which incorporated Millennium Cell
’s Hydrogen on Demand
® technology for its energy storage. Protonex has been a licensee of the Company since 2004. The nine-hour flight duration more than triples the duration of Puma
’s standard battery-only operation.
“We have a successful ongoing collaboration with Protonex and the U.S. Air Force Research Laboratory and we are delighted to have supported this record shattering flight by these partners,” said Adam Briggs, President, Millennium Cell. “We believe the results of this flight strongly demonstrate the strengths of a fuel cell system combined with our Hydrogen on Demand® technology versus batteries in UAV applications.”
“Increased endurance and payload capacity are critical capabilities that are not feasible with current battery technology being used in small unmanned aerial vehicles today,” stated Dr. Paul Osenar, Chief Technology Officer, Protonex. “The final, successful extended duration capability demonstrated through this program with AFRL and AeroVironment yields significant opportunity for Protonex to enable new missions with small UAVs that are faster to deploy at considerably less cost for a wide range of military and commercial applications.”
About Millennium Cell
http://millenniumcell.com
Millennium Cell develops hydrogen battery technology through a patented chemical process that safely stores and delivers hydrogen energy to power portable devices. The borohydride-based technology can be scaled to fit any application requiring high energy density for a long run time in a compact space. The Company is working with market partners to meet demand for its patented process in four areas: military, medical, industrial and consumer electronics.
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high performance fuel cell systems for portable power applications in the ten to 1000-watt range. The Company’s fuel cell systems are designed to meet the needs of military and original equipment manufacturer (OEM) customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is based in Southborough, Massachusetts.
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 and are subject to risks. 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, many of which are outside of our control, 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) Millennium Cell’s 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 its hydrogen fuel storage and delivery system and its business plan; (v) Millennium Cell’s ability to protect its intellectual property; (vi) Millennium Cell’s ability to achieve budgeted revenue and expense amounts; (vii) Millennium Cell’s ability to generate revenues from the sale or license of, or provision of services related to, its technology; (viii) Millennium Cell’s ability to form strategic alliances or partnerships to help promote our technology and achieve market acceptance; (ix) Millennium Cell’s ability to generate design, engineering or management services revenue opportunities in the hydrogen generation or fuel cell markets; (x) Millennium Cell’s ability to secure government funding of its research and development and technology demonstration projects; and (xi) other factors discussed under the caption “Investment Considerations” in Millennium Cell’s Annual Report on Form 10-K for the year ended December 31, 2006.
MBS Value Partners
Betsy Brod, 212-750-5800
