Ballard and Millennium Cell Complete Agreement

November 12, 2002 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) and Millennium Cell Inc. (Eatontown, NJ) have successfully completed a joint development agreement. The two companies have moved into a new phase of their business relationship, with Ballard obtaining a licensing option for Millennium Cell's Hydrogen on Demand™ hydrogen fuel system and making a strategic investment in Millennium Cell.

Ballard has converted the $2.4 million prepaid license fee into a secured three-year debenture issued by Millennium Cell that is convertible into its common stock at $4.25 per share. Ballard retains its licensing option for the non-exclusive right to manufacture and sell products with Hydrogen on Demand™ technology for specific portable fuel cell products and internal combustion engine generator sets.