Millennium Cell Inc. (NASDAQ:MCEL) and Gecko Energy Technologies, Inc. have entered into a 3-year joint development program to develop and commercialize portable fuel cell systems for use in military, medical, industrial and consumer electronics applications.
The products will pair Millennium Cell’s patented Hydrogen on Demand(R) technology with Gecko’s thin planar Proton Exchange Membrane (PEM) fuel cells to create a hydrogen battery that is lighter, smaller and less expensive than traditional batteries for a variety of applications. Gecko’s efforts are focused on the development of an easy-to-manufacture fuel cell that provides portable device makers with design flexibility by allowing the thin power source to be part of the exterior surface of the device itself.
Initial activities will focus on the development of fuel cells to support the introduction of hydrogen batteries for portable electronic devices in each target market, including the development of an appropriate fuel cell for traditional and ruggedized laptop computers, remote surveillance cameras, long run-time sensors, wireless network and data collection devices, and other devices where the combination of technologies can deliver a less expensive, higher performance battery for users.
In addition to the joint development program, Millennium Cell acquired approximately 23% of the outstanding common stock of Gecko in exchange for $0.5 million in cash and a one-year, commitment of services and facilities valued at $0.5 million. Later in the year, Millennium Cell will increase its position to a total of 48% of Gecko’s outstanding common stock by investing another $1.0 million in cash or Millennium Cell common stock. As part of the transaction, Millennium Cell received the right to acquire, at its sole option, up to 80% of Gecko over the remaining 2 years of the agreement.
Said Adam Briggs, Millennium Cell’s President, “Gecko has a unique approach to low cost, power-dense fuel cells that will help Millennium Cell’s hydrogen storage solutions penetrate portable device markets. Our new relationship with Gecko is part of a growing number of capable fuel cell partners for Millennium Cell, each with their own application focus and technology strengths.”
“The combination of our Power Skin(TM) fuel cells with Millennium Cell’s hydrogen storage technology will result in a superior power system,” says Dr. Ronald Kelley, President, Gecko Energy Technologies. “Through close collaboration with Millennium Cell, we can develop a better power solution for product designers and OEM’s around the world.”
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 working with market partners to meet demand for its patented process in four areas: military, medical, industrial and consumer electronics.
www.geckoenergy.com.
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