Fuel Cell Boat on Display During World Maritime Conference; Millennium Cell, Seaworthy, Duffy Boat, and Anuvu Exhibit Water Taxi in San Francisco

World Maritime Technology Conference and Exposition
SAN FRANCISCO--()--Oct. 20, 2003--The world's first electric fuel cell water taxi, powered by Millennium Cell's Hydrogen on Demand(TM) hydrogen fuel system, will be on display and available for rides in San Francisco Bay today during the World Maritime Technology Conference and Exposition. The boat demonstrates the utility of hydrogen fuel in generating power for ships and facilities in ports and is a cooperative effort between Millennium Cell, Seaworthy Systems, Duffy Electric Boat and Anuvu, Inc.

"The interest in the Millennium Cell Hydrogen on Demand(TM)-powered boat has been gratifying and we are pleased to be a part of this important project," said Dr. Stephen S. Tang, Millennium Cell President and CEO. "Environmental concerns have led the maritime industry to take a serious look at hydrogen to relieve the diesel-driven pollution problems in harbors worldwide. Hydrogen on Demand(TM) is the ideal solution to these problems, as it provides safe, clean power."

The Duffy-Herreshoff 30 electric boat has been fitted with the Millennium Cell Hydrogen on Demand(TM) hydrogen storage and delivery system running through a complete PEM fuel cell engine from Anuvu, a developer and manufacturer of fuel cells and fuel cell engines. The 3kW Hydrogen on Demand(TM) system weighs less than 150 pounds and is used to power a stack of four 1.5kW Anuvu Power-XTM PEM fuel cells. This system replaces a diesel generator used to extend the range of the boat, which is 30 feet long and has a capacity of 18 passengers. It also provides an option to recharge the batteries from the Anuvu fuel cell engine without having to dock near electricity. Seaworthy Systems directed the system integration and engineering for the project.

Millennium Cell's Hydrogen On Demand(TM) system is a recyclable, clean-burning energy source that can be used with fuel cells and gas and diesel turbine engines. When used with a fuel cell, the only emission is water vapor. A liquid fuel, it is compatible with existing infrastructure for liquid petroleum fuels, produces about the same amount of energy per gallon as that of gasoline, and is completely safe to produce, store, and transport.

Millennium Cell's Hydrogen on Demand(TM) system generates hydrogen from sodium borohydride, which is derived from sodium borate, commonly known as borax. Dissolved in water and passed through a proprietary catalyst chamber, the sodium borohydride releases a perfect stream of pure hydrogen - on demand - to power a fuel cell or an internal combustion engine. The fuel's byproduct is water and borax.

The World Maritime Technology Conference and Exposition expects participation from 1000 professional naval architects and marine engineers from around the globe to discuss the future of the global maritime industry. There will be a technical program and exposition.

About Millennium Cell

Founded in 1998, Millennium Cell is based in Eatontown, NJ, and has developed a multi-faceted patent portfolio, which the company is pursuing in the United States and internationally surrounding a proprietary process called Hydrogen on Demand(TM). Millennium Cell also has a patented design for boron-based longer-life batteries. For more information visit www.millenniumcell.com or call 866-532-2783.

About Seaworthy Systems, Inc.

Seaworthy Systems, Inc. was founded in 1973, and has grown to be one of the most respected marine engineering and naval architectural firms in the country. As an ISO 9001 certified consultancy, Seaworthy has provided a wide range of high quality services to the marine industry. Seaworthy Systems has a solid foundation in basic engineering as well as a flair for promising advanced technology. With offices on both Coasts, Seaworthy is uniquely suited to provide the engineering and systems integration needed to produce a successful commercial demonstration of the Hydrogen on DemandTM technology in the marine environment.

About Duffy Electric Boat

Duffy Electric Boat Co., founded in 1970, leads the industry with over 4,000 pollution free electric boats in operation worldwide. Duffy Electric Boat Company is the leader in the electric boat industry with more than 30 years of experience designing, manufacturing and distributing both pleasure and commercial electric power boats. The product line, ranging from 16' - 30' are marketed on waterways which are speed controlled or prohibit combustion power. Duffy recently partnered with the Mangia Onda Co. to provide a waveless, electric water taxi operating on the canals of Venice, Italy. The company markets through dealers and sales representatives. fleets of rental and tour electric vessels operate in areas offering quite, pollution free boating for the public. For more information on Duffy Electric Boat Co. visit www.duffyboats.com or call us at 800-645-1044.

About Anuvu

Anuvu, Inc. is a pioneering developer and supplier of fuel cell products. The proprietary design of Anuvu's fuel cells allows for near-term development and enhanced design potential for vehicles efficiently powered by hydrogen. Anuvu's Power-XTM fuel cell line offers industries such as automotive, marine/boating and educational research low-cost, off-the-shelf fuel cell engine products as well as specially designed systems. More information can be found at: www.anuvu.com.

About CCDoTT

The Center for the Commercial Deployment of Transportation Technologies (CCDoTT) is a chartered university center at California State University, Long Beach (CSULB) functioning as a partnership of academic institutions, government, and commercial corporations. The project was implemented to assist the Department of Defense (DOD), through the United States Transportation Command (USTRANSCOM). CCDoTT was organized to pursue a broad range of defense and commercial technologies, to analyze transportation problems and environmental impacts, and to develop technological, procedural, computer, or equipment solutions. CCDoTT and its associates are well versed in transportation technologies, computer simulation and modeling, defense C4, electronic commerce, economic and cost modeling, state-of-the-art training and educational solutions, and advanced manufacturing technologies.

Cautionary Note Regarding Forward-looking Statements:

This press release may include statements that 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'', "on target" 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 fuel storage and delivery system, (ii) the cost and commercial availability of the quantities of raw materials required by the hydrogen fuel storage and delivery systems, (iii) competition from current, improving and alternative power technologies, (iv) our ability to raise capital at the times, in the amounts and at the costs and terms that are acceptable to fund the development and commercialization of our hydrogen fuel storage and delivery system, (v) our ability to protect our intellectual property, (vi) our ability to achieve budgeted revenue and expense amounts and (vii) other factors detailed from time to time in Millennium Cell's filings with the Securities and Exchange Commission.

Contacts

Millennium Cell, Eatontown, N.J.
Christine Messina-Boyer, 732-544-5712
Cell, 703-217-2707

Contacts

Millennium Cell, Eatontown, N.J.
Christine Messina-Boyer, 732-544-5712
Cell, 703-217-2707