Millennium Cell to Test New Product in Columbia, SC, With Support From the University of South Carolina and City of Columbia
MILLENNIUM CELL TO TEST NEW PRODUCT IN COLUMBIA, S.C. WITH SUPPORT FROM THE UNIVERSITY OF SOUTH CAROLINA AND CITY OF COLUMBIA
~ Test Units to Provide Emergency Lighting and Portable Device Recharging ~
~ Millennium Cell Subsidiary Establishes Operations at University of South Carolina’s Technology Incubator at Innovista in Columbia, S.C. to Support Test ~
Eatontown, NJ—Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, today received confirmation that it will receive an award as part of phase II of the Greater Columbia Fuel Cell Challenge, sponsored by the USC Columbia Fuel Cell Collaborative, to perform a market test of an LED light and device charger, designed and manufactured by Millennium Cell. Gecko Energy Technologies, Inc., a subsidiary of Millennium Cell, will market test the product, which uses Millennium Cell’s PowerSkin™ fuel cells and Hydrogen on Demand® fuel system to provide small, portable lighting and to charge portable devices like cell phones and PDA’s for extended periods of time. The design of this particular product concept was the result of several months of market research, including product concept validation at the Governor’s Hurricane Conference in Florida in 2007 and numerous discussions with key first responders and emergency power product distributors.
Millennium Cell will establish their operations for this market test at the University of South Carolina’s Technology Incubator and will eventually transition into Innovista. Testing and evaluation will be conducted with assistance from the City of Columbia, USC School of Business and Greenway Energy LLC. Gecko’s long-term opportunities involve establishing manufacturing operations, product roll-out and workforce expansion in South Carolina to develop PowerSkin™ fuel cell products and manufacturing capability for future product opportunities. This effort will require additional cooperation from several South Carolina agencies, including the South Carolina Manufacturing Extension Partnership, the South Carolina Research Authority (SCRA), Central SC Alliance and the University of South Carolina- as it is a key step towards the commercialization of PowerSkin™ fuel cell based products.
Gecko will then use the data collected from the testing as basis for launching its product in 2009. Initially, Gecko will employ three employees in Columbia, S.C. with potential for future job growth as manufacturing and production expand.
“We are very pleased to establish a base of operations for the commercialization of Gecko products in Columbia and to receive support from the city and a number of South Carolina agencies to conduct this market test,” said Adam Briggs, president of Millennium Cell. He further explained, “The State of South Carolina has been visionary in its support for development and launch of hydrogen fuel cell products through their commitment to developing a knowledge based economy state wide. We are excited to get the opportunity to work with first responders and other emergency workers and to get their views on how best to serve these markets with our technology.”
Dr. Harris Pastides, vice president for research and health sciences at the University of South Carolina, expressed how this project is a great opportunity for South Carolina’s growing hydrogen economy. “Millennium Cell had an opportunity to grow their business anywhere in the country, “said Pastides. “They chose Innovista and Columbia because we have a critical mass of scientific talent and an outstanding partnership between the University, the city and our counties, EngenuitySC, SC Launch and other partners. My hope is that one day South Carolina will be home to the nation's hydrogen economy and that this small step forward will be looked at as a most memorable event.”
Bill Mahoney, SCRA CEO and member of the Greater Columbia Fuel Cell Challenge executive committee, echoed support of this project. "This project demonstrates how successful partnerships among South Carolina's research universities, local stakeholders and private industry can create positive outcomes in growing our state's knowledge economy. We are happy to be able to support Millennium Cell and Gecko both in executing this project and in facilitating their future business operations here in South Carolina.”
“Our City is pleased to continue our leadership in the establishment of a knowledge based economy through hydrogen fuel cells,” said Robert Coble, Mayor of Columbia. “Millennium Cell is a recognized leader in the portable fuel cell arena, and we are excited to help them in their efforts to expand their Gecko subsidiary in South Carolina and commercialize fuel cell products, which not only will bring exciting new products to our citizens but future job growth as well.”
About Millennium Cell
Millennium Cell is a leader in the development of hydrogen battery technology used to power portable applications. Through its proprietary Hydrogen on Demand® fuel cartridges and PowerSkin™ fuel cell modules, the Company provides increased energy density resulting in longer runtime and lighter weight in a compact space. The Company is working with market partners to meet the demand for a better battery in the military, medical, industrial and consumer electronics markets. For more information, visit www.millenniumcell.com.
About the USC Columbia Fuel Cell Collaborative:
The University of South Carolina – City of Columbia Fuel Cell Collaborative was formed by the University of South Carolina, the City of Columbia, EngenuitySC and the South Carolina Research Authority to position Columbia, SC as a leader in hydrogen fuel cell innovation and technology. Its mission is to attract private sector partners, top fuel cell scientists, entrepreneurs and innovators to the Columbia region; as well as to collaborate with private sector leaders from all areas of the fuel cell market for the unprecedented deployment of fuel cell and other alternative energy technologies into multiple city, university and commercial applications throughout the region.
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 “Risk Factors” in Millennium Cell’s Annual Report on Form 10 K for the year ended December 31, 2006.
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