Take this news release, set aside the importance of it being military, and think about the COMMERCIAL ramifications of having this technology selected for development (and likely official purchase) and what it means to powering small electronic devices such as Laptops, Radios.. etc.
Millennium Cell Awarded U.S. Air Force Phase I SBIR Contract
Monday May 1, 10:41 am ET
EATONTOWN, N.J.--(BUSINESS WIRE)--May 1, 2006--Millennium Cell Inc. (NASDAQ: MCEL - News), a leading developer of hydrogen battery technology, today announced that it has been awarded a Phase I Small Business Innovation Research Program ("SBIR") contract by the Air Force Research Laboratory ("AFRL") to develop a sodium borohydride based fuel cartridge design that has the flexibility to operate with either ready-to-use, premixed solutions of sodium borohydride, or alternatively, with solid fuel packets that a warfighter can combine with available field water or bodily fluids. This deliverable is a key step on the pathway to development of a lightweight, high-energy and cost effective portable power source for the military.
The ability to ship cartridges containing dry sodium borohydride fuel which can be mixed with an available water supply at point of use would result in a significant reduction in weight to be handled by the military's supply chain as well as provide a direct benefit to the warfighter in the field. The results of this work will help the military determine the best option for re-fueling and distributing man-portable hydrogen batteries such as Protonex Technology Corporation's 30-watt portable soldier power system ("P2"), particularly those deployed in remote locations or extreme situations. A program to study use of field water in larger systems was awarded to Millennium Cell by the U.S. Army in November of last year.
"We welcome the U.S. Air Force's leadership and vision in funding the development of our hydrogen battery technology for use in a variety of military applications," commented Adam P. Briggs, Millennium Cell President. "This new program will provide the military with a flexible fuel cartridge design which can be shipped dry and field hydrated. When dry, this system will be one-fifth of the weight of the batteries in use today, enabling significant logistical and operational flexibility over incumbent and alternative power sources."
Dr. Thom Reitz, AFRL Program Manager added, "The Air Force is aggressively pursuing innovative ideas and major performance advances in power generation and energy storage. Technologies such as those proposed by Millennium Cell could enable significant increases in energy density reducing the weight burden to airmen in the field."
About Millennium Cell
Millennium Cell develops hydrogen battery technology through a patented chemical process that safely stores and delivers hydrogen energy to power portable devices. The borohydride-based technology can be scaled to fit any application requiring high energy density for a long run time in a compact space. The Company is working with market partners to meet demand for its patented process in four areas: military, medical, industrial and consumer electronics. For more information, visit millenniumcell.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 and are subject to risks. 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, many of which are outside of our control, 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) Millennium Cell's 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 its hydrogen fuel storage and delivery system and its business plan; (v) Millennium Cell's ability to protect its intellectual property; (vi) Millennium Cell's ability to achieve budgeted revenue and expense amounts; (vii) Millennium Cell's ability to generate revenues from the sale or license of, or provision of services related to, its technology; (viii) Millennium Cell's ability to form strategic alliances or partnerships to help promote our technology and achieve market acceptance; (ix) Millennium Cell's ability to generate design, engineering or management services revenue opportunities in the hydrogen generation or fuel cell markets; (x) Millennium Cell's ability to secure government funding of its research and development and technology demonstration projects; and (xi) other factors discussed under the caption "Investment Considerations" in Millennium Cell's Annual Report on Form 10-K for the year ended December 31, 2005.
Contact:
Brod & Schaffer, LLC
Betsy Brod / Jonathan Schaffer, 212-750-5800
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