Millennium Cell Inc. (NASDAQ:MCEL) has executed a joint development and licensing agreement with Horizon Fuel Cell Technologies focused on the commercialization of fuel cell based power products that provide over 20 watts of power. Horizon, a Singaporean company with operations in China, is a developer of commercial-grade, cost-competitive hydrogen fuel cell solutions targeting a number of high volume markets.
The announced strategic relationship will allow Horizon to launch practical and viable fuel cell power products as a competitive and cleaner alternative to today’s lead acid battery-based power systems. As part of this new relationship, Horizon licensed Millennium Cell’s Hydrogen on Demand technology for the purpose of co-developing compatible hydrogen fuel cartridges for the next wave of Horizon fuel cell products set to hit the market in 2008. The first of a series of new Horizon fuel cell products is a 50W emergency power unit designed to support disaster relief professionals, enable communication during black-outs, and provide recreational power in remote environments.
Horizon brought fuel cell technology to the general public with the launch of a miniature hydrogen fuel cell car in 2006, the world’s first consumer fuel cell product that was selected by Time Magazine as a “Best Invention of 2006”, labeled one of the “Coolest New Products on the Planet” by Business 2.0, and Silver Award winner for “Best Product Design of 2007” according to Business Week.
Global demand for Horizon’s innovative products has grown rapidly, with customers now in 28 countries and fuel cell system shipments reaching tens of thousands of units. The company is leveraging its success with small and simple products to create fuel cell power systems for increasingly demanding applications.
“We’ve made huge progress in making fuel cells affordable and marketable; we are now removing infrastructure barriers by providing customers with practical fuel solutions. By combining Millennium Cell’s Hydrogen on Demand technology with Horizon’s fuel cells into self-contained power systems, a compelling stored power alternative will emerge in the context of today’s multi-billion lead acid battery market,” said George Gu, President and CEO, of Horizon Fuel Cell Technologies.
“We are delighted to secure a licensing relationship with this industry-leading fuel cell innovator. Horizon has already made the leap into high volume fuel cell production in China and has extensive experience and distribution capability in the marketplace. We are enthusiastic about launching a new generation of Hydrogen on Demand enabled fuel cell power products with Horizon in 2008,” commented Adam P. Briggs, Millennium Cell President.
Loading...