The Hydrogen Battery Technology Company
Adam P. Briggs, President
John D. Giolli, Chief Financial Officer
Worldwide Headquarters:
One Industrial Way West
Eatontown, NJ 07724
Website: www.millenniumcell.com
Safe Harbor Statement
This presentation contains forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995) that are subject to risks and uncertainties. Statements contained
herein that are not statements of historical fact may be deemed to be forward-looking information.
When we use words such as “plan,” “believe,” “expect,” “anticipate,” “intend” or similar expressions,
we are making forward-looking statements. You should not rely on forward-looking statements
because they are subject to a number of assumptions concerning future events, and are subject to a
number of uncertainties and other factors, many of which are outside of our control, that could cause
actual results to differ materially from those indicated. Please note that we disclaim any intention or
obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise. These factors include, but are not limited to, the following: (i) the cost and
timing of development and market acceptance of, and the availability of components and raw
materials required by a hydrogen fuel storage and delivery system, (ii) competition from current,
improving and alternate power technologies, (iii) our ability to raise capital at the times, in the
amounts and at costs and terms that are acceptable to fund our business plan, (iv) our ability to
protect our intellectual property, (v) our ability to achieve budgeted revenue and expense amounts,
(vi) our ability to generate revenues from the sale or license of, or provision of services related to,
our technology , (vii) our ability to form strategic alliances or partnerships to help promote our
technology and achieve market acceptance, (viii) our ability to generate design, engineering, or
management services revenue opportunities in the hydrogen generation or fuel cell markets, and (ix)
other factors discussed herein under the caption “Investment Considerations” and other factors
detailed from time to time in our filings with the Securities and Exchange Commission.
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Corporate Overview
About Millennium Cell Inc.
Develops hydrogen battery technology for portable devices
Recently acquired Gecko Energy Technologies, a fuel cell company
Strategic relationship with The Dow Chemical Company
Listed on NASDAQ under symbol “MCEL”
Hydrogen battery technology
Safe, high energy density chemical hydrogen storage
Compatible with highest power density and lowest cost fuel cells
Over 32 patents granted and 74 pending, years of know-how
Replacement for current batteries
Targeted applications where energy density is priority
Range of size, markets means broad use
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What is a Hydrogen Battery?
Fuel Cell
Hydrogen Storage
Hydrogen Battery
=
+
Shown: Protonex P2 30 Watt Soldier Power System
3.4” x 7” x 7”
4
Why the Hydrogen Battery?
Hydrogen Battery
Shown: Protonex P2 30 Watt Soldier Power System
3.4” x 7” x 7”
Features and Benefits
Military Application
60% lighter
50% smaller
20% less expensive
Non-flammable
Instant recharging
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Higher Energy Density
Excellent introductory position, continuous improvement path
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Business Model
Licensing Model (mostly in >30 watt applications)
Multiple channels to market
Many fuel cell licensees, each with certain expertise
Several technology paths
Focused market approaches
Defers manufacturing capital spending decision
High leverage in business model
Many hydrogen storage cartridges used per fuel cell (razor to razor blade analogy)
6%-12% royalties on hydrogen storage cartridge sales
Product Model (mostly in <30 watt applications)
Leverages MCEL and Gecko relationship
Total control of product development
Significant opportunity to derive revenues at low volumes
Requires significant discipline and focus on few applications
MCEL plans to manufacture at low volumes, partner for high volume
mfg.
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Products
Fuel Technology Licenses
Catalysts
Fuel Cartridges
Technology Development
Contracts for Gov’t and
Commercial Apps
Fuel Cell Design Licenses
Fuel Cell Modules
Fuel Cell power sources for
OEMs or military
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Licensing HOD™
Technology - Applications
Near Term Applications
Soldier Power
Battery Replacement
Battery Charging
Emergency Power
First Responders
Industrial, Leisure
UAVs
Back Packable
Payload Power
Longer Term Applications
Handset Chargers
OEM Included
Notebook PCs
Run time Extension
Battery Replacement
Wireless Sensors
Military
Commercial
HOD will initially be prevalent in a variety of
Industrial and Military Applications
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Licensing HOD™
Technology - Partners
Near Term Applications
Soldier Power
Protonex P2 - AF
Jadoo IFS24 - SOCOM
Emergency Power
Jadoo XRT
UAVs
Protonex
OEMs, Primes
Longer Term Applications
Handset Chargers
FC Co. A
FC Co. B
Notebook/UM PCs
Gecko
TBA
Wireless Sensors
Gecko
TBA
MCEL has broadened its licensing and
co-development relationships
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Technology Platforms
Partnering to develop multiple hydrogen battery platforms
Wireless chargers
Wireless Sensors & Data
Collection Equipment
Remote Patient
Monitors, Wheelchairs
Sensors
Portable DVD Players
Industrial Power Tools
Backup Power
UAVs
Notebook Computers
Portable Video Equipment
Portable & Wearable
Diagnostics
Soldier Power
Consumer
Industrial
Medical
Military
Focus on portable applications < 500W
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Gecko Overview
About Gecko Energy Technologies
100% wholly-owned subisidiary of MCEL
MCEL provides all SG&A and shared services
Founders licensed over 20 patents they developed while MOT employees
Focus on Portable Power Source Products
Thin, novel PEM fuel cell technology (PowerSkin™)
Hydrogen storage options include chemical hydrides from MCEL and metal
hydrides from various sources
Focus on a platform approach to ensure low cost manufacturing
Systems integration experience with fuel cells from several years of MOT fuel cell
development efforts
The Technology to Replace Batteries
PowerSkin™ fuel cells use no internal device volume
Hydrogen rich chemical fuels provide multiple times battery pack energy density
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Making Fuel Cells Work
Platform approach to fuel
cell technology
Easily manufactured,
injection molded cells
Focus on robustness in
real life conditions
PowerSkin™ Fuel Cells
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Portable Fuel Cell Activities
Wireless Sensors, cameras (< 5W)
Utilize Gecko passive PEM fuel
cell
High power density fits in device
High efficiency lower waste heat
Simple architecture with minimal BOP
Low cost $1 to $3 per watt target
Thin, flat form factor no extra
volume
First demonstrated in Sep 2006
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26 Lithium Primary D Cells
Dimensions (cm): 48.5 x 14 x 3.7
Volume (liter): 2.5
Approximate weight (kg): 2.6
Energy Density (Wh/l): 343
Specific Energy (Wh/kg): 330
Price $260
Gecko Power System
Dimensions (cm): 31 x 14 x 3.7
Volume (liter): 1.6
Approximate weight (kg): 2.0
Energy Density (Wh/l): 550
Specific Energy (Wh/kg): 425
Price $100 (1)
(1) Pricing based on $15/watt cost of fuel cell system and $45 cost of fuel storage and
rest of bill of materials. Includes attractive profit margin for the producer and distributor.
Portable Fuel Cell Activities
Wireless Sensor Example (< 5W)
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Portable Fuel Cell Activities
Soldier Power
Status: Originated as DUST program with AFRL in 2004
3rd generation product delivered to AFRL for field trials
Competitive: Field hydration, fast start-up, non-flammable fuel
Advantage 20% cheaper and 60% lighter than BA5590
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Portable Fuel Cell Activities
Special Operations Radio
$2625
<$1000
Total Cost per
system
(FC amortized
over 25
missions)
36 kg
(79 lbs)
11 kg
(24 lbs)
Weight of
System
35
Battery
Packs
1 Fuel Cell
7 x 500 W-hr
Fuel Cartridges
Configuration
for mission
BA-5590
Battery
Jadoo & MCEL
Fuel Cell System
Based on
11 day mission
Status: First prototype demonstrated Sept. 2006
Delivery to SOCOM in Q1-07
Competitive: Field hydration, non-flammable fuel
Advantage 66% lighter than BA5590
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Portable Fuel Cell Activities
Jadoo XRT - 100W Portable Power Generator
Core Specifications
Utilizes Jadoo Standard Fuel Cell
110V Inverter (100W)
12V Output
360Whr * 6 = 2160 Whr
Fuel gauge for all cartridges
Targeted for military, first responder, surveillance, portable office markets
Status: First prototype demonstrated Sep., 2006
Field trials in Q2-07
Competitive : Field hydration, infinite shelf life, non-flammable fuel
Advantage Disposable, 50% lighter than metal hydrides
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Handset Chargers
Comparative Analysis
3 h
10 cc/Wh
$0.75/Wh
1/6
24/7 Power
Pack
1-3 h
3 h
3 h
1 h
Charge
Time
2-3 cc/Wh
3-4 cc/Wh
10 cc/Wh
10 cc/Wh
Size
$0.10/Wh
$0.50/Wh
$0.33/Wh
< $0.01/Wh
Use Cost
1/10
1/3
1/3
1/1
Refill Rate
Hydrogen
Battery
Energi-to-go
4 X AA
Wall
charger
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Path to Commercialization
2007
Military Field Testing Sales
Industrial Product Launch
Consumer Product Designs
2008
Military Procurement
New Military Product Launches
New Industrial/Medical Product Launches,
higher volumes
Early Consumer OEM Acceptance
2009
Military Field Testing Sales
Industrial Product Design
Collaboration with OEM’s and Fuel Cell
Licensees
Consumer Product Introduction (low initial
penetration)
2008 revenue is expected to drive to cash flow breakeven
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2006 Objective Review
Achieve Dow milestones
#1 achieved – May 2006
#2 in Q1 2007
Position Protonex to sell 100s of systems in 2007 (on track)
Demo next generation hydrogen battery technology to licensees
(achieved in December 2006)
Secure multiple new partners/licensees (Jadoo/Gecko in Q1 2006)
License sodium manufacturing technology (not achieved yet)
Lower operating cash burn to $6.5 million ($7.3 in 2005)
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