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Millennium Cell Awarded Five-Year, $3 Million Contract from U.S. Department of Energy

18 Apr 2005 - Millennium Cell Inc. announced that it has executed a Cooperative Research Agreement with the U.S. Department of Energy (DOE) as part of Center of Excellence for Chemical Hydrogen Storage. Total funding to Millennium Cell will be $3 million over a five-year period. With the receipt of this funding, the Company has begun its collaboration with Pacific Northwest National Lab to develop hydrogen generation systems that meet the DOE's hydrogen storage efficiency targets. As part of this program, the Company is also working with Los Alamos National Lab, Rohm and Haas and others to evaluate lower cost sodium borohydride manufacturing methods. Millennium Cell's objective for this program is to develop cost-effective, energy-efficient hydrogen storage systems that will enable longer-term markets for the Company's technology.
 
"We are pleased to be recognized as the leader in borohydride-based hydrogen storage technology, as evidenced by our selection to participate in the Center of Excellence for Chemical Hydrogen Storage. This program represents an opportunity to leverage our expert knowledge of hydrogen storage technology and through an accelerated process, potentially develop additional applications for it with the assistance of world-class researchers," commented H. David Ramm, Millennium Cell Interim President and CEO.