Expansionary Institute

Millennium Cell Playing Role in Emerging Hydrogen Economy, (Dominionization),

Millennium Cell Playing Role in Emerging Hydrogen Economy

EATONTOWN, N.J.--(BUSINESS WIRE)--March 28, 2003--Dr. Stephen S. Tang, Millennium Cell President and CEO, speaking yesterday at the Strategic Research Institute's annual fuel cell investors conference in Cherry Hill, NJ, highlighted the advances in Millennium Cell technology, particularly for use in the early adopter markets of consumer electronics and standby power.

Millennium Cell Inc. (NASDAQ:MCEL), a leading technology company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, has currently in development systems for this market, including a disposable fuel cartridge for personal laptop computers, a model of which Tang unveiled yesterday.

"Millennium Cell is a bellwether company: All PEM and alkaline fuel cells require pure hydrogen stored safely and conveniently so licenses to our technology will precede fuel cell product launches," said Tang. "We are, the only hydrogen fuel and storage company that participates in all the major market segments--transportation, consumer electronic and standby power. For those reasons, we are an early indicator of the success in the fuel cell market and future direction of the industry."

Tang outlined the consumer electronic market showing a viable, robust market for the Millennium Cell Hydrogen on Demand(TM) fuel system. Hydrogen on Demand(TM) fuel systems will deliver safe, constant power to cellular phones and personal computers, while providing the latter with extended-use wireless capabilities.

He showed the model for the disposable fuel cartridge for the portable computer industry. In development, this simple configuration will free consumers from the customary recharging routine, provide value and convenience. It will provide battery distributors with a profitable new business opportunity and the manufacturers with a recurring source of revenue, as well as customer affinity.

"The hydrogen economy will change the way we do business, in fact it will change our daily lives. This is an exciting time for Millennium Cell and for our industry," Tang said.

In addition, he highlighted the company's accomplishments in transportation with uses of Hydrogen on Demand(TM) in DaimlerChrysler and PSA Peugeot Citroen prototypes. He detailed the benefits of Millennium Cell's Portable Hydrogen Generator, which features a 2-hour runtime at load of 1.0 kW on fuel cell in a compact "one-button operation" with a disposable borate container.

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.

CONTACT:

Millennium Cell, Eatontown

Christine Messina-Boyer

Office: 732/544-5712

Cell: 703/217-2707

SOURCE: Millennium Cell

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03/28/2003 08:55 EASTERN

Sat Mar 29