Millennium Cell Awarded Subcontract for DoD Work by Concurrent Technologies Corporation

Business Wire, Oct 8, 2004

EATONTOWN, N.J. -- Millennium Cell, Inc. (NASDAQ: MCEL), a leading technology development company that offers a proprietary process to safely store, generate and deliver pure hydrogen, announced today that it has been awarded a subcontract to develop hydrogen storage systems for the U.S. Department of Defense (DoD). The prime contractor is Pennsylvania-based Concurrent Technologies Corporation (CTC), which operates the DoD's Fuel Cell Test and Evaluation Center (FCTec) in Johnstown, Pennsylvania.

Millennium Cell's contract is part of first-year activities under the DoD contract to develop Common Core Power Production (C2P2) technology for the Air Force's Advanced Alternate Power Technology Transformation Office (A2PT2O). The C2P2 Program is based on utilizing fuel cell systems as interchangeable power sources for military equipment. Millennium Cell will develop and provide Hydrogen on Demand(TM) (HOD) system design and key components, which will be fabricated and tested at FCTec. The five (5) kW HOD system will be capable of providing hydrogen for refueling mobile devices and powering stationary apparatus, among other military applications.

The U.S. Air Force is seeking long-term acquisition of modular, deployable power generation and distribution systems, which include fuel cells. This program will help to develop application and integration platforms for a variety of stationary, mobile and aviation support applications for the U.S. military.

"Millennium Cell is excited to join in this effort with Concurrent Technologies Corporation (CTC), operator of FCTec, to enhance U.S. defense capabilities," said Adam Briggs, Vice President - Product Development. "We see several opportunities to integrate Millennium Cell's HOD system with CTC's system architecture, and we look forward to the opportunity to participate in future phases of the C2P2 Program."

"FCTec is a National Test Center that was established to support the development and validation of fuel cell-powered sources for both military and commercial applications," said Daniel R. DeVos, CTC's President & CEO. "We are pleased to have Millennium Cell as part of the C2P2 team as their technology and support will contribute to a successful program for the DoD."

About Millennium Cell

Millennium Cell, Inc. is engaged in the development of a next generation energy source for use primarily in consumer electronics, portable power devices and standby power systems as well as in selected transportation applications. The Company's innovative and proprietary Hydrogen on Demand(TM) systems 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.

About Concurrent Technologies Corporation

Concurrent Technologies Corporation (CTC) is an independent, nonprofit, applied research and development professional services organization providing management and technology-based solutions to a wide array of clients representing state and federal government as well as the private sector. Established in 1988, CTC operates from more than 35 locations with a staff of over 1,300 employees. For more information about CTC, please visit www.ctc.com.

About FCTec

The Fuel Cell Test and Evaluation Center (FCTec) is operated by Concurrent Technologies Corporation (CTC) for the U.S. Army Corp of Engineers' Engineer Research and Development Center/Construction and Engineering Research Laboratory (ERDC/CERL). The FCTec is a national resource facility for the independent, unbiased testing and validation of fuel cell systems for both military and commercial applications. The FCTec's primary goal is to significantly accelerate the development and commercialization of fuel cell systems, fuel infrastructure and fuel processor systems through comprehensive research, development, test and evaluation, integration, and optimization services. For more information about the FCTec, please visit www.fctec.com.

Concurrent Technologies Corporation
Robert Unger
Manager, Fuel Cell Programs
814-269-2721
ungerb@ctc.com

Concurrent Technologies Corporation
Robert Wertz
Senior Project Engineer, Fuel Cell Programs
814-269-6848
wertzr@ctc.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 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. We believe that Adjusted Net Loss, which excludes both non-cash interest and non-cash equity charges, is a more meaningful financial measure to compare to prior periods as it is a better indicator of cash spending and is also how management views the business internally.