Millennium Cell and Jadoo Power Awarded Program to Develop Mobile Medical Power Source for U.S. Air Force March 29, 2007, Press release~ Fuel cell based power source to demonstrate extended military medical airlift capabilities ~
EATONTOWN, N.J. - Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, today announced that it has been awarded a contract with the U.S. Air Force Research Laboratory (“AFRL”) to develop with its partner Jadoo Power a 300 watt power system that provides 12 hours of runtime for use as a long endurance power supply for U.S. Air Force aeromedical evacuation flights. The combination of Jadoo Power’s fuel cells and N-Stor interface technology with Millennium Cell’s Hydrogen on Demand® fuel technology creates a power system which can address critical power source needs that cannot be achieved with traditional battery technologies. The program will culminate in the fourth quarter of 2007 with a demonstration of a fuel cell system capable of powering the Air Force’s Patient Support Pallet, which is designed to improve the survivability of soldiers being evacuated from the battlefield to advanced medical facilities.
Jadoo Power has been a licensee of Millennium Cell’s technology since February 2006. The two companies are actively developing Hydrogen on Demand® fuel canisters for use with Jadoo Power’s N-Gen Fuel Cell Power units and XRT Extended Runtime accessories for emergency response and other industrial and military uses. The XRT uses six metal hydride canisters for hydrogen fuel storage today, which weigh approximately 30 total pounds. With the new chemical hydride-based fuel canister jointly developed by Millennium Cell, the XRT is expected to deliver the same runtime with approximately half the fuel canister weight.
Millennium Cell is currently engaged on multiple programs with AFRL focused on the development of products which utilize Millennium Cell’s technology for a wide range of applications including soldier power and unmanned aerial vehicles.
“We are very pleased to get the opportunity to work on a system that has the potential to save lives by extending the mobile medical capabilities of the U.S. military,” said Adam Briggs, President. “This mission critical requirement effectively illustrates an application for which fuel cell systems deliver a significant value.”
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 http://millenniumcell.com.
About Jadoo Power
www.jadoopower.com
Jadoo Power is a market-focused company that develops and sells next-generation, portable energy storage and power generation products. Jadoo Power is a leading commercial supplier of fuel cell products to the portable power space. Jadoo Power is financed by MDV, Venrock Associates and Sinclair Ventures, a wholly owned subsidiary of Sinclair Broadcast Group, Inc.
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.
Contacts
MBS Value Partners
Betsy Brod, 212-750-5800
Labels: batteries, fuel-cells, hydrogen
PermaLink - Millennium Cell and Jadoo Power to Develop Mobile Medical Power Source for U.S. Air Force
0 Comments
