Millennium Cell Inc. (NASDAQ: MCEL), a leading developer of hydrogen battery technology, announced that the Company’s soldier power program has been allocated $2.5 million of funding in the fiscal year 2007 Defense Appropriations Bill. Under the bill, the U.S. Air Force funded soldier power program will receive a second consecutive year of funding for advanced fuel cartridge development with a goal to reach aggressive energy density targets which cannot be met with traditional battery chemistries. The 2006 Defense Bill provided approximately $1.7 million in total funding, which resulted in the delivery of Protonex Technology Corporation’s 30-watt portable soldier power system (the “P2”) for evaluation to the U.S. Air Force in May of this year.
New technology developed under the 2007 funding will result in higher energy density fuel cartridges for products from the Company’s licensees including the P2 from Protonex and the IFS24 Special Operations Command radio fuel cell system from Jadoo Power Systems.
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.
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