I've got your choice. So far it is just you an me in the contest. I think I'll vote on some nuclear power company, given the prediliction of the Bush administration for coal, nuclear and other environmentally hostile solutions. "Geez, Dick, why don't we just get rid of the environment - then we won't have to worry about it."
Anyway, here is some news from a competitor of Stuart. This is a stock I have a small position in. They produce H2 from water and sodium borohydride in the presence of a catalyst.
The defense establishment is looking at it.
( BW)(NJ-MILLENNIUM-CELL)(MCEL) Millennium Cell Announces Test Agreement With Oak Ridge National Laboratory
EATONTOWN, N.J.--(BUSINESS WIRE)--May 22, 2001--Millennium Cell Inc. (NASDAQ: MCEL), a development-stage company that has created a proprietary technology to safely generate and store hydrogen, today announced the signing of a beta test agreement with the Oak Ridge National Laboratory in Oak Ridge, Tennessee.
The agreement, to be managed by UT-Battelle, LLC under contract with the United States Department of Energy, calls for Oak Ridge to evaluate Millennium Cell's Hydrogen on Demand(TM) technology for use in a project being developed for the Defense Advance Research Projects Agency (DARPA).
The testing is designed to evaluate the feasibility of using the Hydrogen on Demand(TM) technology for portable power generation in near term military applications.
"We are pleased to enter into this test agreement with the Oak Ridge National Laboratory," said Curt Cornell, Millennium Cell Vice President, Business Development, Supply Chain. "Oak Ridge has long been recognized as a technology leader and has an important role in the Department of Energy's efforts to develop new and environmentally friendly energy sources."
"Millennium Cell's technology is very innovative, and we are eager to begin full scale testing," said Dr. Francois G. Pin, Corporate Fellow and Chief Scientist, Robotics. "In our initial discussions, we are particularly intrigued by the energy density, safety, non-flammability and favorable environmental impact of this new fuel system."
Under the terms of the agreement, Millennium Cell will provide a test kit sufficient to power a small fuel cell, along with detailed information on its operation. Millennium Cell will retain the right of first refusal to an exclusive license for non-governmental markets for possible enhancements of the kit that the scientists at Oak Ridge may conceive during the beta test evaluations.
The Oak Ridge National Laboratory is a multiprogram science and technology laboratory managed for the U.S. Department of Energy by UT-Battelle, LLC. Scientists and engineers at ORNL conduct basic and applied research and development to create scientific knowledge and technological solutions that strengthen the nation's leadership in key areas of science; increase the availability of clean, abundant energy; restore and protect the environment; and contribute to national security.
ORNL also performs other work for the Department of Energy, including isotope production, information management, and technical program management, and provides research and technical assistance to other organizations.
Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. Millennium Cell has invented and developed a proprietary process called Hydrogen on Demand(TM) that safely generates pure hydrogen or electricity from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a particular catalyst either releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is found in substantial natural reserves globally. Millennium Cell technology can be applied in transportation and portable power, including micro-power and long-life batteries.
The company is traded on NASDAQ under the symbol MCEL. For more information on Millennium Cell, visit www.millenniumcell.com or call Investor Relations at 732-544-5727.
Cautionary Note Regarding Forward-looking Statements:
This press release may include statements which are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millennium Cell's current views about future events and financial performance. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Millennium Cell's expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell's fuel cell systems, (ii) competitive factors, such as price competition and new product introductions, (iii) the cost and availability of products, (iv) the cost of complying with current governmental regulations, (v) the accuracy of cash flow and earnings per share predictions and (vi) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission. Company management does not attempt to update forecasts unless conditions materially change.
CONTACT: Millennium Cell
Kirsten Minich, 732/542-4000 x 215
Oak Ridge National Laboratory
Fred Strohl, 865/574-4165
KEYWORD: NEW JERSEY TENNESSEE
INDUSTRY KEYWORD: ENERGY MARKETING AGREEMENTS