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Exxon May Face More Heat On Global Warming

by Jeffrey Ball, March 28, 2005 Overruling objections from Exxon Mobil Corp., Securities and Exchange Commission officials said investor activists can ask Exxon shareholders to vote on two resolutions demanding that the oil giant disclose more information about its stance on global warming. One of the resolutions SEC officials cleared to appear on Exxon’s proxy asks the world’s largest publicly traded oil company in terms of market value to report how it plans to reduce its emissions enough to comply with the Kyoto Protocol at Exxon facilities in countries where the treaty applies. The other resolution cleared by SEC staff asks Exxon to disclose the research data behind the company’s “stated position on the science” about global warming. The SEC staff’s decisions show how prickly an issue global warming is becoming for the oil industry. Earlier this month ChevronTexaco Corp. and several smaller U.S. oil companies that faced similar global-warming-related shareholder resolutions got shareholders to withdraw those measures after the companies agreed to take more action on the environmental issue. Exxon has emerged as a lightning rod in the global-warming debate. It calls the science behind concerns about man-made global-warming emissions “inconclusive,” though it adds that the effects of those […]

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Millennium Cell Shares Jump; Military to Test System

Shares of Millennium Cell Inc. (NASDAQ: MCEL) jumped 21 percent in pre-market trading on Tuesday after the company announced the delivery of a five (5) kW Hydrogen on Demand system for testing at the U.S. Department of Defense (DoD) Fuel Cell Test and Evaluation Center operated by Concurrent Technologies Corporation (CTC). These systems were designed and developed under Millennium Cell’s subcontract from CTC announced on October 8, 2004. Under this program, the DoD has contracted with CTC to develop Common Core Power Production (C2P2) technology for the Air Force’s Advanced Power Technology Office by using fuel cell systems as interchangeable power sources for military equipment. The systems developed by Millennium Cell under this award are designed to mix solid fuel pellets (chemical hydrides) into a fuel solution to produce hydrogen on demand to power fuel cells for military and industrial applications. Millennium Cell’s solid fuel technology provides a robust hydrogen energy system with unlimited shelf life and simple re-fueling. “With this program, we are able to broaden the application of our scalable technology,” commented Adam Briggs, Millennium Cell Senior Vice President. Concurrent Technologies Corporation (CTC) is an independent, nonprofit, applied research and development professional services organization providing management and technology-based […]

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