Ballard Power Systems and Millennium Cell have entered into a joint development agreement to further develop Millennium Cell’s proprietary hydrogen generation system for use with Ballard’s portable power fuel cell products. Under the terms of the agreement, Ballard has received the right to purchase up to 400,000 common shares of Millennium Cell stock at a predetermined price.
Upon successful completion of the joint development and product prototype agreement, Ballard will have the right to license Millennium Cell’s technology for use in its portable products on an exclusive basis for a defined period of time. Ballard paid US $2.4 million as an advance for prospective royalties payable under the licence.
‘Our goal is to commercialise a hydrogen-generating system that provides significant advantages over current hydrogen generation and storage methods,’ said Stephen Tang, Millennium Cell’s President and Chief Executive Officer.
Millennium Cell has invented, patented and 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 in PEM Fuel Cells. The primary input components of the reaction are water and sodium borohydride, a derivative of borax, which is found in substantial natural reserves globally.
Ballard’s fuel cell combines hydrogen (which can be obtained from methanol, natural gas or petroleum) and oxygen (from air) without combustion to generate electricity. Ballard is partnering with companies that include DaimlerChrysler, Ford, GPU International, Alstom and Ebara, to commercialise Ballard fuel cells. Ballard has also supplied fuel cells to Honda, Nissan, Volkswagen, Yamaha, Cinergy, Coleman Powermate and Matsushita Electric Works, among others.
More on the web at www.ballard.com