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 Millennium Cell Announces Closing on Joint Development Program with The Dow Chemical Company
Publication Date:26-April-2005
02:16 PM US Eastern Timezone 
Source:Millennium Cell
EATONTOWN, N.J.-- Millennium Cell Inc. (MCEL), a leading developer of hydrogen battery technology, today announced the successful initial closing of its previously announced joint development program with The Dow Chemical Company (DOW). The development program will combine Millennium Cell's novel technology with Dow's strengths in materials, engineering and operational excellence to accelerate product commercialization.
 
On April 21, 2005, the Company received shareholder approval for the potential issuance of MCEL shares under NASDAQ marketplace rules of over 20% to The Dow Chemical Company as part of the joint development program. Accordingly, on April 25, 2005, Millennium Cell issued 155,724 shares of its Series A Preferred Stock to Dow, convertible into 3% of its outstanding common stock. With yesterday's closing on the program, Millennium Cell looks forward to collaborating with Dow on the development and commercialization of hydrogen batteries for use in consumer electronics and military applications. The batteries will be based upon Millennium Cell's patented Hydrogen on Demand(R) technology in conjunction with Proton Exchange Membrane (PEM) fuel cells.

About Millennium Cell

Millennium Cell develops hydrogen battery technology that powers portable devices requiring 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 www.millenniumcell.com.

About The Dow Chemical Company

Dow is a leader in science and technology, providing innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $40 billion, Dow serves customers in 175 countries and a wide range of markets that are vital to human progress: food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its 43,000 employees seek to balance economic, environmental and social responsibilities. References to "Dow" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. For further information, visit Dow's web site at www.dow.com

 
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