Millennium Cell CEO Selected for U.S. Department of Energy Hydrogen Vision Panel

Business Wire, Dec 3, 2001

Business Editors

EATONTOWN, N.J.--(BUSINESS WIRE)--Dec. 3, 2001

Millennium Cell Inc. President and CEO Dr. Stephen Tang recently was chosen to participate in the U.S. Department of Energy's Hydrogen Vision meetings in Washington, DC, joining government and energy industry leaders to help devise a roadmap for the future deployment of hydrogen-based energy solutions.

Millennium Cell (NASDAQ: MCEL) is a developer of hydrogen fuel systems that safely generate, store and deliver pure hydrogen for clean energy applications. Millennium Cell's proprietary Hydrogen on Demand(TM) process can be used to power fuel cells and internal combustion engines for transportation, as well as enabling clean alternative energy applications for portable and stationary power.

The Vision meetings, sponsored by DOE's Office of Power Technologies and held November 15th and 16th, began the process of articulating a broad vision for hydrogen over the next several decades. The goal of the process is to create a template for a viable hydrogen energy industry that enables the development of hydrogen-based vehicles and systems for electricity production, addressing the major issues surrounding production, storage, transport and conversion of hydrogen energy.

"The success and rapid growth of hydrogen as a fuel source will be based on the ability to align the interests of private industry and federal and state government. Working in concert it is clear that the United States can achieve energy independence, support our national security interests, and meet significant milestones for clean energy," said Dr. Tang. "I am excited to be a part of a group that has an opportunity to create a common vision and roadmap for the future, and it is clear that we are well on our way to meeting these goals."

At the meetings, Dr. Tang joined executives from an array of industries including automobile makers, energy suppliers and fuel cell manufacturers, in addition to senior officials and experts from government and academia.

Developing a vision for hydrogen is a key component of President George W. Bush's National Energy Policy, in which DOE has been asked to focus research and development efforts that will integrate current hydrogen, fuel cell and distributed energy programs. The resulting plan will be a guide that DOE, national laboratories, and universities will use to drive hydrogen-focused research and development programs. A draft of the DOE Vision document is expected to be released in January 2002.

About Millennium Cell

Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. Millennium Cell has invented 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. Borax is found in substantial natural reserves globally. Millennium Cell technology can be applied in transportation and portable power, including micro-power and long-life batteries.

The company is traded on NASDAQ under the symbol MCEL. For more information on Millennium Cell, visit www.millenniumcell.com or call Investor Relations at 732-544-5727.

Cautionary Note Regarding Forward-looking Statements:

This press release may include statements which 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" 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 generation systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, (v) the accuracy of cash flow and earnings per share predictions and (vi) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission. Company management does not attempt to update forecasts unless conditions materially change.