Millennium Cell Inc. (NASDAQ:MCEL)
Industry: Industrial Goods
Millennium Cell Inc. (Millennium Cell) is engaged in the development of hydrogen batteries consisting of a fuel cell and its hydrogen storage technology for use in portable electronic devices for the consumer, medical, military and industrial markets. These hydrogen batteries offer runtime, weight, safety and cost advantages. Millennium Cell is developing this technology in partnership with corporate and government entities. The Company's hydrogen battery technology provides a way to safely store and deliver hydrogen energy in a battery-sized package. These systems utilize the Company's Hydrogen on Demand technology. In one architecture of Millennium Cell's system, the energy is stored in a sodium borohydride fuel blend, which, when exposed to a catalyst releases hydrogen (stored energy) instantly. The fuel blends used in the Company's hydrogen battery technology consist of a combination of water, sodium borohydride and other chemicals. Other methods of hydrogen generation using sodium borohydride under development may use different catalysts and/or fuel blends. The hydrogen produced by the Company's hydrogen battery technology is converted into electricity by a fuel cell. A fuel cell transforms hydrogen and oxygen directly into electrical power and produces power, as long as the hydrogen and oxygen are supplied to it. There are two main categories of proton exchange membrane (PEM) fuel cells that Millennium Cell works with active fuel cells and passive fuel cells. The main difference between active and passive fuel cells is that active fuel cells require more active components (which increase system complexity and cost) to reach optimal performance and increased robustness, while passive fuel cells are designed to work with little to no active control. Millennium Cell produces hydrogen batteries that consist of a combination of its partners' fuel cells and disposable fuel cartridges based on its technology. The fuel cells in some cases will be integrated into the electronics of the device and in other cases external to the device, depending on the application requirements. Hydrogen is supplied to the fuel cell by the Company's safe, easy-to-use disposable fuel cartridges, which will in many devices fit into the existing rechargeable battery bay. The Company's primary business model is to license its technology to fuel cell manufacturers, original equipment manufacturers (OEMs) and other product-focused entities so that they can integrate fuel cells with the Company's fuel technology to develop hydrogen batteries that meet their specifications. As of December 31, 2005, the Company has secured key fuel cell partnerships that cover all four of its key market segments: portable power sources for military, industrial, medical and consumer electronics devices. To accelerate the path towards product commercialization, Millennium entered into a strategic relationship with The Dow Chemical Company (Dow) on April 25, 2005. In this three-year collaboration, the two companies will strive for the commercialization of Millennium Cell's hydrogen battery technology in the military and/or consumer electronics markets. Dow will supply product design, chemical and material analysis, and product development resources to help create products that are successful for these markets. The Company's first licensee in the military market was Protonex Technology Corporation. During the year ended December 31, 2003, Millennium Cell and Protonex entered into a joint development and licensing agreement that resulted in collaborative efforts towards the military market. Under the agreement, Protonex licensed Millennium Cell's technology for use in the manufacture and sale of complete hydrogen batteries to customers. Millennium Cell is a sub-contractor to Protonex in the development of a 30-watt power source (P2) for the United States Air Force Research Laboratory (USAFRL) and the United States Army Research Office (USARO) under two separate funded programs. According to the Company's research, the Protonex P2 is 62% lighter and 20
As Of: 10/07 00:00 ET
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