Millennium Cell Hydrogen on Demand System Showcased in PSA Peugeot Citroen Fire Truck at Paris Auto Show

    EATONTOWN, N.J.--Oct. 2, 2002--Millennium Cell Inc. , a leading technology company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, announced today that its Hydrogen on Demand(TM) fuel system powers the PSA Peugeot Citroen concept vehicle H20unveiled at the Paris Auto Show now underway.
    "PSA Peugeot Citroen has taken a very practical approach to bringing the fuel cell vehicle to market using its existing battery powered electric vehicle technology. We believe our Hydrogen on Demand(TM) fuel system provides important range extending technology in a very compact package that no other hydrogen storage alternative can provide," said Rex Luzader, Millennium Cell Vice President, Business Development for Transportation and Hydrogen-Fuel Infrastructure.
    "We are very enthusiastic about the performance and efficiency of Millennium Cell's Hydrogen on Demand(TM) system," said Pascal Henault, PSA Peugeot Citroen Vice President, Automotive Research and Innovation. "We are pleased that we were able to collaborate on such a unique vehicle as our H2O." This concept car, which is the conjunction of a child's dream and an engineer's dream, illustrates the efforts of PSA Peugeot Citroen to find an appropriate solution to the on-board hydrogen storage issue."

    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(TM) 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 particular catalyst either releases hydrogen or produces electricity. The primary input components of the reaction are water and sodium borohydride, a derivative of borax. Borax is 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 703.721.0854.

    About PSA Peugeot Citroen

    PSA Peugeot Citroen is the world's sixth largest car maker with 3 million vehicles sold in 2001. The Group is the second-largest car manufacturer on the European market with a 15% market share at the end of October 2001. At this time, the Group is first in the French, Spanish, Belgian and Danish markets, and second in the U.K., Portugal, the Netherlands and Greece. Sales have grown 50% in the last four years. The Group includes 195,000 employees worldwide.

    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", "possibility" 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.