Protonex and Millennium Cell to Host Joint Workshop at the Tactical Power Sources Summit in Washington, D.C.

The joint workshop, entitled "Fuel Cells for Portable MilitaryApplications," will discuss, among other things, the Protonex 30-wattpower system ("P2"), featuring a snap-in, 24-hour chemical hydridecartridge based on Millennium Cell's technology. This system offersreduced size and weight with near-zero heat and noise profiles. Whenhydrated in the field, the P2 delivers an energy density of 860watt-hours per kilogram, which is nearly 80% better than the incumbentbattery technology.

The workshop will include two Millennium Cell speakers, Dr.Richard Mohring, Director, Technology Development and Engineering, andDr. Gregory Smith, Marketing Director, Consumer Electronics. Dr.Mohring will deliver an overview of Millennium Cell's technology andDr. Smith will provide a regulatory update.

The P2 power system will be demonstrated in the Protonex booth inthe exhibit area on January 24th and 25th. Additional fuel cellsystems and technology will be on display in the booth, including a150-watt military field battery charger that also utilizes MillenniumCell's technology and offers extended-run fueling.

For more information on the Tactical Power Sources Summit, visithttps://www.iqpc.com/cgi-bin/templates/registration/reg1.html?event=8638&topic=221 (Due to the length of this URL, it may be necessary tocopy and paste this hyperlink into your Internet browser's URL addressfield and delete any extra spaces which may appear).

About Millennium Cell

Millennium Cell develops hydrogen battery technology through apatented chemical process that safely stores and delivers hydrogenenergy to power portable devices. The borohydride-based technology canbe scaled to fit any application requiring high energy density for along run time in a compact space. The Company is working with marketpartners to meet demand for its patented process in four areas:military, medical, industrial and consumer electronics. For moreinformation, visit http://millenniumcell.com.

About Protonex Technology Corporation

Protonex Technology Corporation develops and manufactures thesmallest, lightest and highest performing fuel cell systems forportable power applications in the 10 to 500 watt range. The Companyis meeting the needs of OEM customers for off-grid applicationsunderserved by existing technologies by providing customizable,stand-alone portable power solutions and systems that may behybridized with existing power technologies. The Company is based inSouthborough, Massachusetts, and has established partnerships withNorthrop Grumman Corporation, Parker Hannifin Corporation andMillennium Cell Inc. to jointly develop advanced power solutions.

Cautionary Note Regarding Forward-looking Statements:

This press release may include statements that are not historicalfacts and are considered ``forward-looking" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Theseforward-looking statements reflect Millennium Cell's current viewsabout future events and financial performance and are subject torisks. Forward-looking statements are identified by their use of termsand phrases such as "believe," "expect," "plan," "anticipate," "ontarget" and similar expressions identifying forward-lookingstatements. Investors should not rely on forward-looking statementsbecause they are subject to a variety of risks, uncertainties andother factors, many of which are outside of our control, that couldcause actual results to differ materially from Millennium Cell'sexpectations, and Millennium Cell expressly does not undertake anyduty to update forward-looking statements. These factors include, butare not limited to, the following: (i) the cost and timing ofdevelopment and market acceptance of Millennium Cell's hydrogen fuelstorage and delivery system; (ii) the cost and commercial availabilityof the quantities of raw materials required by the hydrogen fuelstorage and delivery systems; (iii) competition from current,improving and alternative power technologies; (iv) Millennium Cell'sability to raise capital at the times, in the amounts and at the costsand terms that are acceptable to fund the development andcommercialization of its hydrogen fuel storage and delivery system andits business plan; (v) Millennium Cell's ability to protect itsintellectual property; (vi) Millennium Cell's ability to achievebudgeted revenue and expense amounts; (vii) Millennium Cell's abilityto generate revenues from the sale or license of, or provision ofservices related to, its technology; (viii) Millennium Cell's abilityto form strategic alliances or partnerships to help promote ourtechnology and achieve market acceptance; (ix) Millennium Cell'sability to generate design, engineering or management services revenueopportunities in the hydrogen generation or fuel cell markets; (x)Millennium Cell's ability to secure government funding of its researchand development and technology demonstration projects; and (xi) otherfactors discussed under the caption "Investment Considerations" inMillennium Cell's Annual Report on Form 10-K for the year endedDecember 31, 2004.