Millennium Cell and Horizon Fuel Cell Plan Launch of “Water-Activated” Portable Power Products
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 offers 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, making this, to our knowledge, the first fuel cell portable power generator of its kind to reach an attractive price point for consumers.
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," comments George Gu, CEO of Horizon Fuel Cell Technologies.
Also announced is the approval by shareholders of Horizon for the issuance of a number of ordinary shares representing 6.7 percent 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 percent of Millennium Cell's outstanding common stock.
The completed $5 million share exchange is part of an overall strategy designed to strengthen joint product development and commercialization activities between Millennium Cell and Horizon. In October, the two companies signed a Letter of Intent (LOI) to collaboratively develop, market, and sell certain portable and high energy density fuel cell power products on a global basis. The partnership is aimed at launching a number of commercial and consumer product applications that combine Horizon's commercial grade fuel cell products with innovative water-activated hydrogen storage cartridges initially developed by Millennium. Definitive documentation that amends the August 2007 license agreement between Horizon and Millennium Cell to reflect the terms of the LOI is expected to be complete by the end of 2007.
"This closer partnership allows the companies to bring fuel cell products with affordable prices and compelling value propositions to market in 2008. Horizon's advanced fuel cell technologies, low cost production infrastructure, and rapid product development capability have been demonstrated by their successful launch of fuel cell products last year. When combined with Millennium's HOD™ technology, we expect these products to create revenues for both companies starting in 2008", commented Adam Briggs, President, Millennium Cell.
Millennium Cell is a leader in the development of hydrogen battery technology used to power portable applications. Through its proprietary Hydrogen on Demand fuel cartridges and PowerSkin fuel cell modules, the Company provides increased energy density resulting in longer runtime and lighter weight in a compact space. The Company is working with market partners to meet the demand for a better battery in the military, medical, industrial and consumer electronics markets.
For more information, visit:
http://www.millenniumcell.com
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