Millennium Cell Inc. (NASDAQ: MCEL), a developer of hydrogen battery technology, reported a slightly lower net loss for the first quarter of $2.7 million ($0.05 per share), compared to $2.7 million ($0.06 per share) in Q106.
Total revenue and cost reimbursements were $618,000, up from $438,000 in Q106, reflecting increased military development funding.
“In the first quarter, We established pilot manufacturing capability for our Hydrogen on Demand® fuel cartridges, initiated new programs with our licensees for integrated power solutions and continued to attract government funding. Additionally, we recently signed a licensing agreement with Kuchera Defense Systems which will further our efforts towards commercialization of power source products comprised of PowerSkin(TM) fuel cells and Hydrogen on Demand® fuel cartridges,” said H. David Ramm, CEO.
“Early in the quarter, we developed a pilot production line for our fuel cell cartridges in collaboration with The Dow Chemical Company and The Edison Welding Institute. Our focus is to develop manufacturing techniques and select materials that will achieve higher reliability and performance at a lower cost. We have recently received additional funding from the National Center for Manufacturing Sciences for the next phase of the project where we will continue to work with our partners to further lower the cost while improving the robustness of the fuel cell cartridges.”
“We are continuing to see success with several ongoing programs funded by the U.S. Air Force Research Laboratory for soldier power, medical and unmanned aerial vehicle applications. During the first quarter, Millennium Cell and Jadoo Power announced a joint development program for a 300 watt power system that will provide a long endurance power supply for U.S. Air Force aero-medical evacuation flights. This system, which will power the Air Force’s Patient Support Pallet, is designed to improve the survivability of soldiers in the field.”
“An additional contract award during the first quarter is from our partner, Protonex Technology Corporation (LSE:PTX), for the development of a power system for long-endurance unmanned aerial vehicle (UAV) missions. Protonex is the prime contractor on this project and will be integrating our Hydrogen on Demand® technology with a high power fuel cell system to increase UAV flight times. Through opportunities like these, we will continue to demonstrate the cost and performance advantage our integrated hydrogen batter solutions enjoy over existing battery technology,” concluded Mr. Ramm.
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