Millennium Cell intends to file a resale registration statement with the Securities and Exchange Commission ("SEC") within the next forty-five days for the common shares underlying the Unsecured Debentures, the warrants, and shares potentially issuable for interest paid in lieu of cash in accordance with the terms of the Unsecured Debentures. The Unsecured Debentures and the warrants were sold to six unaffiliated institutional and accredited investors.

Millennium Cell filed a Current Report on Form 8-K with the SEC on Friday, February 16, 2007, that sets forth the terms and conditions of the Unsecured Debentures, the warrants and the other related offering documents.

H. David Ramm, Millennium Cell Chief Executive Officer, commented, "We are very pleased to close on this transaction which provides us with the necessary funding to continue our push to commercialization with our partners and licensees and expect to see hydrogen batteries moving towards military and commercial availability in 2008."

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned here. The securities described in this release have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent an effective registration statement covering such securities or an applicable exemption from such registration requirements.

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 collaborating with leading contractors to meet demand for its patented process in four areas: military, medical, industrial and consumer electronics. For more information, visit http://www.millenniumcell.com.