"We are pleased to move forward in our business relationship with U.S. Borax," said Stephen Tang, Millennium Cell President and CEO. "This joint development agreement enables us to combine our technological resources for the benefit of both companies. We know that working with U.S. Borax, the world's leading authority on borate chemistry, will speed our efforts to fully commercialize our technology."

"This agreement represents a very real potential to greatly increase the worldwide demand for sodium borates," said Preston Chiaro, U.S. Borax President and CEO. "The ability of sodium borohydride to safely store hydrogen energy and then, with Millennium Cell's technology, release it on demand, could create a significant increase in the demand for our products. We are excited about this new technology and eager to move it forward quickly."

Under the terms of the agreement, the parties will jointly develop intellectual property rights related to a lower cost process for the manufacture and recycling of sodium borohydride. These rights will provide a basis for future third party license agreements.

Borax is a wholly owned subsidiary of London based Rio Tinto, one of the world's largest mining concerns. Borax ships approximately one million tons of refined borates 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 nearly 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.

Millennium Cell has developed a proprietary process called Hydrogen on Demand™ that safely generates pure hydrogen or electricity from environmentally friendly raw materials. In the process, the energy potential of hydrogen is carried in the chemical bonds of sodium borohydride, which in the presence of a catalyst releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax, which is found in substantial natural reserves globally. Hydrogen from this system can be used to power fuel cells, as well as fed directly to internal combustion engines. Millennium Cell also has a patented design for boron-based longer-life batteries.

Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on developing new, clean and abundant energy sources. The company has established a number of partnerships and alliances with leading industrial companies. 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.

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 fuel cell 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, and (v) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.