Millennium Cell, New Energy Announce Hydrogen Project

July 30, 2003 by Jeff Shepard

Millennium Cell Inc. (Eatontown, NJ) and New Energy Ltd. (Reykjavik, Iceland) announced a project that will evaluate the potential to use sodium borohydride to export energy from Iceland. Sodium borohydride is an integral part of Millennium Cell's Hydrogen-on-Demand™ technology. Funding for the project will come from the Icelandic Research Council.

"Millennium Cell is pleased to partner with Icelandic New Energy on a project that could have far-reaching consequences," said Stephen Tang, Millennium Cell president and CEO. "Iceland has vast resources of natural geothermal and hydro power to produce hydrogen, which is widely recognized as the future's most promising energy carrier. Our technology, which safely stores, transports and delivers hydrogen, is well-suited for Iceland's vision to export renewable energy. The purpose of this project is to characterize the feasibility and economics of that vision."