News Article

Millennium Cell description
Source: Reuters ( click here to go to the source)

Featured firm in this article: Millennium Cell Inc of Eatontown, NJ

Millennium Cell Inc. (Millennium Cell) is engaged in the development of hydrogen fuel cartridge technology and designs, as well as hydrogen batteries comprising of a fuel cell and the Company's hydrogen storage technology for use in portable electronic devices for the military, industrial, medical and consumer electronics markets. The Company continues to license its hydrogen cartridge technology and designs to companies, which develop fuel cell systems. In May 2008, the Company ceased its operations.

Hydrogen on Demand Technology

The Company's hydrogen cartridges provide a way to store and deliver hydrogen energy in a battery sized package. In one architecture of its system, the energy is stored in a sodium borohydride fuel blend, which, when exposed to a catalyst releases hydrogen (stored energy) instantly. The fuel blends used in the Company's hydrogen battery technology includes a combination of water, sodium borohydride and other chemicals. Other methods of hydrogen generation using sodium borohydride and other chemical hydrides are under development and may use different catalysts and/or fuel blends.

The hydrogen produced by the Company's hydrogen cartridges is converted into electricity by a fuel cell. A fuel cell transforms hydrogen and oxygen directly into electrical power and produces power as long as the hydrogen and oxygen are supplied to it. Millennium Cell co-develops hydrogen fuel cell systems that are comprised of a combination of its partners' fuel cells and disposable hydrogen cartridges based on its technology. The fuel cells in some cases will be integrated into the electronics of the device and in other cases external to the device, depending on the application requirements. Hydrogen is supplied to the fuel cell by its safe, easy-to-use disposable cartridges which will in many devices fit into the existing battery bay.

In August 2007, the Company entered into a Joint Development and Licensing Agreement (the Horizon JDA) with Horizon, a company that manufactures and sells fuel cell power products. Horizon has commercialized its fuel cells in the toy industry and is focused on increasing their market to include larger fuel cell power systems for use as emergency and recreational generators. In October, 2007 the two companies entered into both a Securities Purchase and Sale Agreement (the Horizon Agreement) with Horizon and a non-binding letter of intent (the LOI) that sets forth the terms of a proposed amendment (the Horizon Amendment) to the Horizon JDA. Systems at a fixed price and will have primary responsibility for sales of HydroPak power generation systems in the United States.

The Company established licensing relationships with Jadoo Power Systems, a private California based company that manufactures and sells fuel cell power products for first responder, broadcast video, and military applications and Protonex Technology Corporation, a company that manufactures and sells fuel cell power products predominantly for military applications. Both of these licensees are engaged in active product development using its Hydrogen on Demand technology as a hydrogen storage medium. Millennium Cell will continue to support its licensee's efforts to commercialize products, which use the Company's technology according to the terms of its license agreement.

Fuel Cell Technology

The Company acquired Gecko, a fuel cell company that was founded to develop power sources for a range of applications. Gecko has developed a fuel cell design that can increase design flexibility for electronic device designers. PowerSkin is a trademark of Gecko that describes how a fuel cell can be designed into the exterior of a portable device with virtually no loss of internal volume. This internal volume can then be fully utilized by storing more energy in the form of hydrogen (stored either in a chemical hydride or metal hydride canister). Unlike a traditional battery, this allows for separation of the power and energy components and facilitates scaling of the energy component to meet different application requirements.

The Company competes with Lynntech, Trulite, EnerFuel, Seiko, Ultracell, MTI Micro Fuel Cells, Smart Fuel Cells, Medis Technologies, Toshiba Corporation, NEC Corporation, Hitachi, Ltd., Casio Computer Co. Ltd., Samsung Electronics Co. Ltd. and NTT.