Millennium Cell's Hydrogen On Demand System Honored With Award From Popular Science

Business Wire, Nov 8, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 8, 2002

Millennium Cell Inc. (NASDAQ: MCEL), a leading technology solutions company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, has received a 2002 Best of What's New Award from Popular Science.

Together with DaimlerChrysler, Millennium Cell is recognized for its Hydrogen on Demand(TM) hydrogen storage and generation system which powers the DaimlerChrysler Town and Country fuel cell minivan, the Natrium(TM). Calling Hydrogen on Demand(TM) "the most imaginative solution we've seen" to power a fuel cell car, Popular Science features the Natrium as one of its Automotive Technology winners.

"We want to thank Popular Science for this recognition and are pleased to share it with our partners at DaimlerChrysler," said Dr. Stephen Tang, Millennium Cell President and CEO.

"The key to the Natrium is the fuel," said Thomas Moore, Vice President, DaimlerChrysler's Liberty & Technical Affairs research and development group. "It is important that we fully explore sodium borohydride fuel and the Millennium Cell technology as we search for the best fuel cell system for our vehicles."

Millennium Cell's Hydrogen on Demand(TM) system uses sodium borohydride to produce a completely safe hydrogen fuel, dubbed Freedom Fuel(TM), based on abundant natural products found here in the United States. This unique fuel system gives the Natrium a range of 300 miles, significantly longer than any fuel cell vehicle shown to date. In addition, the vehicle has zero emissions -- no greenhouse gas or smog-forming compounds are produced by the vehicle.

Popular Science annually publishes a Best of What's New issue and features all winners in a special 38-page section in their December issue.

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. The company is traded on NASDAQ under the symbol MCEL. For more information on Millennium Cell, visit www.millenniumcell.com or call 866-532-2783.

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 fuel cell 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.