Millennium Cell Inc. (Eatontown, NJ), a technology development company that has created a proprietary process to safely store, generate and deliver pure hydrogen, and Dow Chemical Co. (Midland, MI) reported that they have reached a three-year pact to develop and promote the use of portable fuel cells in consumer and military applications.
Millennium stated that the portable fuel cells will be based on its patented technology in conjunction with proton-exchange membrane fuel cells, which Dow has been developing. Dow will supply business and technical resources. When the deal receives all required approvals, Dow will receive preferred equity interest equal to 3% of Millennium. Dow will also be entitled to further equity grants along with the right to invest up to $5 million in Millennium through added cash investments.
