Millennium Cell and Horizon Fuel Cell Plan Launch Of "Water-Activated" Portable Power Products In 2008
Millennium Cell Inc. and Horizon Fuel Cell Technologies announced that the two companies are nearing completion of a beta version of a portable power generator that incorporates a unique water-activated cartridge system.
The companies claim that the product will be a clean and quiet power generator for use by consumers and professionals for emergency and recreational purposes. Horizon recently demonstrated the alpha product of this unit at the 2007 Combined Exhibition for Advanced Technologies (CEATEC) in Japan. System prototypes are currently being finalized and the first customer evaluations are expected to start in December 2007. The beta product will be demonstrated at the Consumer Electronics Show (CES) in Las Vegas in January 2008.
The product will provide a common ac outlet and two USB connectors for low power devices to operate for more than 16 hours when the electrical grid is unavailable. Horizon and Millennium Cell plan to launch this unit after completion of safety certification in time for the 2008 hurricane and winter storm seasons. The dry cartridge is said to offer infinite shelf-storage life and 400 Watt hours of "instant power" by just adding water. The cartridge-based power system will have a manufacturer’s suggested retail price of approximately $400.
Other products have been identified as targets for development and are expected to be shipped to commercial and government customers for evaluation in 2008 and 2009. "Our recent agreement with Millennium opens a number of large and immediate commercial opportunities as we continue to focus on practical fuel cell power systems for our customers," commented George Gu, CEO of Horizon Fuel Cell Technologies.
Also announced was the approval by shareholders of Horizon for the issuance of a number of ordinary shares representing 6.7% of Horizon’s outstanding voting share capital to Millennium Cell. This shareholder action resulted in the automatic conversion of a $5 million Horizon note that was issued to Millennium Cell on October 19, 2007 in exchange for a number of shares equal to approximately 11.7% of Millennium Cell’s outstanding common stock.
