Millennium Cell Awarded Five-Year, $3 Million Contract from U.S. Depar

    Business Editors/Energy Editors

    EATONTOWN, N.J.--(BUSINESS WIRE)--April 13, 2005--Millennium Cell Inc. (Nasdaq:MCEL), a leading developer of hydrogen energy systems, announced today that it has executed a Cooperative Research Agreement with the U.S. Department of Energy (DOE) as part of Center of Excellence for Chemical Hydrogen Storage. Total funding to Millennium Cell will be $3 million over a five-year period. With the receipt of this funding, the Company has begun its collaboration with Pacific Northwest National Lab to develop hydrogen generation systems that meet the DOE's hydrogen storage efficiency targets. As part of this program, the Company is also working with Los Alamos National Lab, Rohm and Haas and others to evaluate lower cost sodium borohydride manufacturing methods. Millennium Cell's objective for this program is to develop cost-effective, energy-efficient hydrogen storage systems that will enable longer-term markets for the Company's technology.
    "We are pleased to be recognized as the leader in borohydride-based hydrogen storage technology, as evidenced by our selection to participate in the Center of Excellence for Chemical Hydrogen Storage. This program represents an opportunity to leverage our expert knowledge of hydrogen storage technology and through an accelerated process, potentially develop additional applications for it with the assistance of world-class researchers," commented H. David Ramm, Millennium Cell Interim President and CEO.

    About Millennium Cell

    Millennium Cell Inc. is engaged in the development of hydrogen energy systems for use primarily in portable electronics devices. Energy systems based on the Company's innovative and proprietary Hydrogen on Demand(R) technology safely generate high-quality hydrogen through the use of sodium borohydride. This chemical compound is non-combustible, high in energy density, easily distributed, and convenient for consumer use. Millennium Cell is developing technology in partnership with corporate and government entities. For more information, visit www.millenniumcell.com.

    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 secure government funding of our research and development and technology demonstration projects, (v) our ability to enter into agreements with collaborators and strategic partners and the failure of our collaborators and strategic partners to perform under their agreements with us, (vi) 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, (vii) our ability to protect our intellectual property, (viii) our ability to achieve budgeted revenue and expense amounts and (ix) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.

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CONTACT: Millennium Cell, Inc. John D. Giolli, 732-542-4000 or Brod & Schaffer, LLC Betsy Brod/Jonathan Schaffer, 212-750-5800 (Investors)

KEYWORD: NEW JERSEY INDUSTRY KEYWORD: GOVERNMENT ENERGY MARKETING AGREEMENTS SOURCE: Millennium Cell, Inc.

Copyright Business Wire 2005