"Millennium Cell is pleased to join together with PSA Peugeot Citroen and Gaz de France to investigate fuel distribution and vehicle fueling possibilities," said H. David Ramm, President and CEO of Millennium Cell. "This research will advance our technology development, and more importantly, infrastructure challenges for this new technology."

"We are looking forward to working with our colleagues at PSA Peugeot Citroen and Gaz de France," said Rex Luzader, Millennium Cell Vice President of Government and Military Sales. "Our collaboration will address the fueling infrastructure issues important to making vehicles utilizing our technologies practical for everyday use."

"Our work with Millennium Cell has concentrated on automotive applications particularly the aspect of range extender and safety," said Mr. Jean Pierre Goedgebuer, Scientific Director of PSA Peugeot Citroen. "The addition of Gaz de France will broaden that development to include borate recycling and fuel production. Life cycle analysis will be regarded in order to evaluate the whole CO2 emissions and future fuel cost."

For Gaz de France R&D Division, as specialists in gas storage and delivery, it is a great opportunity to work with Millennium Cell and PSA Peugeot Citroen in order to assess the global relevance of the fuel chains using boron hydrides compound in the European energy landscape at the edge of the Hydrogen Economy.

PSA Peugeot Citroen has two Hydrogen on Demand(TM) systems, which were provided in the first phase of a working agreement between the two companies to test the systems for use in electric-powered vehicles. Successful validation of the Hydrogen on Demand(TM) fuel system concept for range extension led to this second phase of development. PSA Peugeot Citroen is the global leader in the manufacture of electric cars, having produced more than 9,000 electric vehicles to date.

The Hydrogen on Demand(TM) system generates hydrogen from sodium borohydride, which is derived from sodium borate, commonly known as borax. Dissolved in water and passed through a proprietary catalyst chamber, the sodium borohydride releases a perfect stream of pure hydrogen -- on demand -- to power a fuel cell or an internal combustion engine. The fuel's byproduct is water and borax.

Hydrogen on Demand(TM) systems are scalable to applications from small (notebook personal computers, cellular phones and personal digital assistants) to medium (auxiliary power units for standby power to boats, scooters) to large (automobiles). Because Millennium Cell's hydrogen generation technology is safe, flexible and environmentally friendly, it is an attractive alternative to existing technologies for many applications, solving the critical problems related to the use of hydrogen as a fuel: safe, low-cost and energy dense storage and generation of pure hydrogen gas.

About Millennium Cell

Founded in 1998, Millennium Cell is based in Eatontown, NJ and has developed a multi-faceted patent portfolio, which the company is pursuing in the United States and internationally surrounding a proprietary process called Hydrogen on Demand(TM). The Hydrogen on Demand(TM) system safely generates pure hydrogen from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a catalyst releases hydrogen. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. Hydrogen from this system can be used to power fuel cells or fed directly to internal combustion engines. Millennium Cell also has a patented design for boron-based longer-life batteries. For more information, visit www.millenniumcell.com or call 866-532-2783.

About PSA Peugeot Citroen

PSA Peugeot Citroen has sold 3.286 million vehicles in 2003. The Group is the second-largest car manufacturer on the European market with a 15.4 percent market share in 2003. At this time, the Group is first in the French, Spanish, Portugal, the Netherlands, Belgian and Danish markets, and second in the Italy, Austria, Switzerland and Greece markets. The Group includes 200,000 employees worldwide.

About Gaz de France

An integrated, gas-oriented energy company, Gaz de France is a European gas market leader. In 2003, the Group reported net sales of EUR 16.6 billion and net income of EUR 910 million. For more information, visit www.gazdefrance.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. These 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 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) our 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 our hydrogen fuel storage and delivery system, (v) our ability to protect our intellectual property, (vi) our ability to achieve budgeted revenue and expense amounts and (vii) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.

Contact:
Rex Luzader
Office: 732-544-5725