The first is from U.S. Borax Inc., with whom Millennium Cell began a joint development arrangement last year. At that time, both Millennium Cell and Borax, the world's leading supplier of borates, recognized that widespread adoption of Millennium Cell's Hydrogen on Demand™ technology could greatly increase worldwide demand for borates. In the system, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, produced from borates.

U.S. Borax embarked on a study of global borate reserves and discovered that the anticipated increase in demand could easily be met by existing reserves. According to the study, there are more than 600 million metric tons of borates in viable deposits worldwide. Approximately 50 million new cars are built and sold each year. If all 50 million were to use the Hydrogen on Demand™ technology, approximately 20 million metric tons of borates (or about three percent of known reserves) would be required to fuel these vehicles. Because the fuel is designed to be recycled, very little additional borate supply would be required to keep those cars on the road.

"Our partnership with Millennium Cell is exciting. We believe our work will dramatically increase worldwide demand for borates, which is good for the industry; and dramatically decrease worldwide pollution, which is good for society," said Dr. Paul Zerella, U.S. Borax Chief Technology Officer. "We look forward to continuing to put our best borate scientists to this important task."

"We are very encouraged by the results of these studies, and feel they couldn't be more timely given the recent announcements by U.S. government leaders and automakers that hydrogen fuel cell technology is the most promising solution to reducing tailpipe emissions, and our dependence on foreign oil," said Curt Cornell, Millennium Cell Vice President, Supply Chain Business Development and Administration. "The most conservative estimates support the conclusion that there are adequate borate reserves to meet the projected demand our technology will create."

The second study was an Arthur D. Little project commissioned by Millennium Cell to examine economic issues associated with sodium borohydride fuel production and regeneration. The study concluded that on a "wells-to-wheels" basis, delivered Hydrogen on Demand™ fuel costs could be competitive with other hydrogen storage technologies given successful development of an efficient recycling process.

Additionally, sensitivity analysis indicates that the cost of owning a vehicle powered by the Hydrogen on Demand™ system could be lower than that of other fuel cell vehicle systems analyzed. Costs of these vehicles are similar to vehicles relying on compressed and liquid hydrogen storage, and lower than other fuel cell vehicle technologies, such as fossil fuel reformers.

Finally, the study reports that vehicles powered by Hydrogen on Demand™ will have significant advantages over other fuel cell vehicle technologies in the areas of passenger and public safety, usable vehicle volumes and vehicle system integration.

"This study credibly makes the economic case for our fuel system," said Dr. Stephen Tang, Millennium Cell President and Chief Executive Officer. "Arthur D. Little's careful comparison of the costs projected for Hydrogen on Demand™ with those for other hydrogen technologies will inform our decision-making as we move forward with process efficiency improvement programs. We are encouraged by these early findings."

About Millennium Cell
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™ that safely generates pure hydrogen or electricity from environmentally friendly raw materials. The primary input components of the reaction are water and sodium borohydride, a derivative of borates. Borates are 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 732-542-4000.

About U.S. Borax
Borax is a wholly owned subsidiary of London based Rio Tinto, one of the world's largest mining concerns. Borax supplies nearly half the world's demand for refined borates, shipping approximately one million tons from its mining and refining operation in Boron, California, each year. The company maintains shipping, refining and storage facilities around the world to ensure a consistent supply to its customers in nearly 100 countries.

Borax has been in business for 130 years with a track record of innovation spanning from the Twenty Mule Team wagons that hauled borax products from Death Valley, California, to dozens of cutting-edge uses. Borates are key ingredients in many industrial processes including the manufacture of glass, ceramics, fiberglass insulation, detergents, fertilizers and wood preservatives. Thousands of household products - from barbecue charcoal to contact lens solution and from brake fluid to kitchenware - also contain borates.

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 hydrogen generation 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.