EATONTOWN, N.J., April 2, 2002 -- Millennium Cell Inc., a development-stage company that has created a proprietary technology to safely generate and store hydrogen, and the Oak Ridge National Laboratory in Oak Ridge, Tennessee today announced the successful completion of a beta test program designed to evaluate Millennium Cell's Hydrogen on Demand™ technology.

The beta test program was managed by UT-Battelle, LLC under contract with the United States Department of Energy, and required that Oak Ridge evaluate the Hydrogen on Demand™ technology for potential use in near-term portable power generation applications.

"We are pleased to learn of the successful completion of the beta test program by Oak Ridge National Laboratory," said Curt Cornell, Millennium Cell Vice President Supply Chain, Business Development and Administration. "It is especially noteworthy that Oak Ridge's results have shown the feasibility of using our Hydrogen on Demand™ technology in providing hydrogen to portable fuel cell applications."

"Millennium Cell's technology is very compact, controllable and with excellent dynamic load following capabilities," said Dr. Francois G. Pin, Corporate Fellow and Robotics and Energetic Machines Group Leader. "The test program has proven that this new fuel system has high energy density, excellent safety characteristics, non-flammability and a favorable environmental impact. It is one of the best systems we have tested."

"We are very pleased that a national laboratory of this stature has successfully tested our technology and are impressed with the Oak Ridge findings and recommendations," said Dr. Stephen S. Tang, Millennium Cell President and CEO. "As a result, we have begun discussions with the Lab to become a private sector partner in a DOE initiative to develop a new, low cost process to manufacture and re-generate sodium borohydride. We believe this collaboration can yield positive results for Oak Ridge and for Millennium Cell. Such an agreement would confer certain rights to Millennium Cell to license any jointly developed technology to non-governmental markets."

The Oak Ridge National Laboratory is a multiprogram science and technology laboratory managed for the U.S. Department of Energy by UT-Battelle, LLC. Scientists and engineers at ORNL conduct basic and applied research and development to create scientific knowledge and technological solutions that strengthen the nation's leadership in key areas of science; increase the availability of clean, abundant energy; restore and protect the environment; and contribute to national security.

ORNL also performs other work for the Department of Energy, including isotope production, information management, and technical program management, and provides research and technical assistance to other organizations.

Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. Millennium Cell has invented and developed a proprietary process called Hydrogen on Demand™ that safely generates pure hydrogen or electricity 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 particular catalyst either releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. Millennium Cell technology can be applied in transportation and portable power, including micro-power and long-life batteries.