Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, announced it has entered into a strategic development and licensing agreement with Jadoo Power Systems Inc., a leading supplier of portable fuel cell power systems. The agreement will allow Jadoo to license Millennium Cell’s Hydrogen on Demand technology for development and commercialization within Jadoo’s line of product offerings. Adam Briggs Millennium Cell President, commented, “This agreement is an important step forward in Millennium Cell’s strategy to broaden our access to military and commercial portable power markets. Jadoo is a recognized industry leader; the first to develop commercial products and market channels for portable fuel cells. We look forward to collaborating with Jadoo and leveraging their strength as a proven product developer.”
Focused primarily on the professional broadcast and law enforcement markets for the past two years, Jadoo recently announced a move into such new markets as first responders and portable office users. The agreement will grant Jadoo the rights to design, manufacture and sell products using Millennium Cell’s technology for their targeted markets. The Millennium Cell Hydrogen on Demand technology will provide Jadoo with a high energy density, safe and cost-effective fuel cartridge to complement their existing fuel cell power units.
“We have been selling one of the lowest cost fuel cell solutions in the market – around $1000 – for over two years now,” said Larry Bawden, President and CEO, Jadoo Power. “Millennium Cell’s technology will allow us to provide a lighter, longer runtime option for our current products and will allow us to continue to pursue and dominate new markets. ”
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.
Jadoo Power Systems, located in Folsom, CA, designs, develops and sells next-generation portable energy storage and power generation products that utilize proton exchange membrane (PEM) fuel cells. Jadoo’s fuel cell solutions provide power for applications ranging from surveillance systems that protect our homeland, to back-up alternatives to batteries for first responders. Jadoo is financed by Mohr Davidow Ventures, Venrock Associates and Sinclair Ventures, a wholly owned subsidiary of Sinclair Broadcast Group, Inc. For more information, visit http://www.jadoopower.com
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