1. Chemical Hydride Based PEM Fuel Cells for for Portable Power Applications
Joint Services Power Expo
May 2-5, 2005
Shailesh A. Shah
Marketing Director, Military
Millennium Cell, Inc.
One Industrial Way West, Eatontown, NJ 07724

2. Millennium Cell (MCEL) – company overview
Outline
Millennium Cell (MCEL) – company overview
Hydrogen storage/generation via sodium borohydride
Hydrogen on Demand® Technology
Gravimetric Energy Density Comparison
Prototype Development
P1 Cartridge Test Results

3. Millennium Cell Company Overview
We are developers of hydrogen energy systems for use primarily in portable electronics devices for consumer, military, medical, and industrial markets.
25 patents issued to date
Over 40 patent applications submitted and still pending
Public offering in August 2000 (Nasdaq: MCEL), currently 40 people working in Eatontown, NJ and Washington DC.
23 in technical organization;
9 Ph.D.s company wide
Announced relationships:
_____________________________________________ From: Roxanne Spencer Sent: Thursday, January 13, :57 AM To: Gregory M. Smith Subject: RE: Current Patent & Application Count?
Patents: 12 US, 13 non-US
Applications: 18 US, 30 non-US

4. NaBH4 (aq) + 2 H2O  4 H2 + NaBO2 (aq) + heat
Hydrogen Generation from Sodium Borohydride (SBH) Hydrogen on Demand® Reaction
NaBH4 (aq) H2O  H NaBO2 (aq) + heat
cat
An energy-dense water-based chemical hydride fuel
Proprietary catalyst induces rapid H2 production
High purity humidified H2
Borate can be recycled into NaBH4 or can be disposed of
Exothermic reaction requires no heat input
Hydrogen is generated in a controllable, heat-releasing reaction
Fuel is an ambient pressure, room-temperature, non-flammable liquid
Hydrogen generated via this process is of high purity (no carbon monoxide or sulfur) and is humidified (heat generates some water vapor)
U.S. Patent 6,534,033: “System for Hydrogen Generation”

5. Coolant Loop (optional)
Hydrogen Generation from Sodium Borohydride (NaBH4) Schematic of Hydrogen on Demand® Technology
1. Borohydride Fuel is pumped or moved from a tank through a chamber containing MCEL’s proprietary catalyst.
2. The fuel is converted into pure hydrogen, water vapor, and borate (NaBO2).
Gas/Liquid Separator
Fuel Pump
Catalyst Reactor
Fuel tank: NaBH4 solution
Hydrogen Water Vapor H2
Discharged fuel area: NaBO2
Borate (NaBO2)
borate
Water from Fuel Cell
H2O
Hydrogen + Water Vapor
Coolant Loop (optional)
Fuel Cell
Pure Humidified H2
Heat Exchanger
Oxygen from Air
Electric Power
3. The temperature and humidity of the hydrogen stream are adjustable. Humidified hydrogen is sent to the fuel cell.
4. The fuel cell creates power and water. This water can be recycled within the system. Allows for higher fuel concentrations.

6. Gravimetric Energy Density Comparison
Zn/Air, today Wh/kg
Li/SO2, today Wh/kg
Li-Ion, today Wh/kg
DMFC
fuel only, today (15%) Wh/kg
fuel only, projected (25%) Wh/kg
RMFC (0.7 V fuel cell, 75% conversion)
fuel only (64%), projected Wh/kg
HOD/PEM (0.7 V fuel cell, 95% conversion)
Practical dry fuel for shipping, today Wh/kg
Practical fuel only (20%) energy density today Wh/kg
Practical fuel only (35%) energy density projected Wh/kg

7. Comparison of HOD + PEM to Methanol-based Systems
HOD(NaBH4)/PEM
DMFC
Reformed MeOH/PEM
Heat Dissipation
1.5 Watts heat per Watt of net electrical output
3 to 5 Watts heat per Watt of net electrical output
1 Watt heat per Watt of net electrical output
Thermal Signature
HOD reaction temperature
< 100 °C
High due to high heat dissipation needs
Reformer temperatures of > 250°C
Design Characteristics
Simple generator design, high efficiency over wide operating range
Cross-over fluctuation affects turndown, complex concentration control and water recovery scheme
Multiple Reactors and CO clean up
Stack Power Density
~ W/cc
< 0.1 W/cc
PEM power density limited due to CO
Demonstrated Operating Life
PEM > 4000 hours
Low 100s of hours
PEM limited by CO poisoning
Capital Cost
Low catalyst loadings in HOD system and simple design translate into low capital cost
High due to catalyst loading
Reformer cost high due to catalyst needs and CO clean-up step
Fuel Safety
Non-flammable in solution
Flammable
Address start-up time dmfc and reformed methanol loose out on start-up time

8. M2 Consumer Electronics Demonstrator Prototype
Demonstrated at Intel Developers’ Forum, Mar 2005
~135 Wh/L and ~130 Wh/kg fuel system
Demonstration prototype – fuel volume non-optimized
NBPC scale power (20 W), 3 hr 11 W nom
33 Wh scale system, 245 cc

9. Protonex P1 Full System Cartridge attachment
Demonstrated:
> 350 Wh/L and > 350 Wh/kg complete system
30 W Net Power, >15 Hour Runtime per cartridge
465 Wh net single cartridge only  1.1 L, 1.25 kg

10. Energy Cartridge: Interface detail
7.9 cm
8.8 cm
Fuel/borate area
Electrical Interface
Air Filter
Catalyst Reactor
16.8 cm
Hydrogen Interface
Pressure Relief Valve
Fill Port
Fuel Pump Interface

11. Cartridge Testing Fuel Cell Simulator Over 250 hours of test
Mimics FC interface
Adjusts H2 demand
Monitors cartridge metrics
Over 250 hours of test

12. Cartridge Testing – Typical Data

13. Cartridge Testing – Start Up
Fuel Cell Simulator Start up ~60 s
Fuel Cell System Start up ~20 s

14. Cold Temperature Cartridge Operation
Operation at 20 °C and 5 °C
No change in conversion
No change in fuel utilization
Startup time increased to ~ 120 s

15. Protonex P1 Status and P2 Technology Improvements
Achieved!
P1 energy density goal for 72 h/30 W mission: Wh/kg
P2 energy density goal for 72 h/30 W mission: Wh/kg
Packaging efficiency
Water recovery
Custom components
Dry SBH fuel cartridges can be mixed on-site as needed
Indefinite storage life
Ability to use field water to be studied
Substantial energy density increase when shipping dry cartridges

16. Fuel Cell Portable Power Systems for Military Applications Joint Services Power Expo May 2-5, Greg Cipriano VP Marketing & Military Development
Let’s get started.
Introduce Protonex guys
Thank you for the opportunity to tell you more about Protonex.

17. Protonex Facts MISSION Focus on apps where fuel cells make sense
Where batteries & IC engines do not work well
Design for performance, manufacturability and cost
TARGET MARKET
Portable and remote applications
High-performance power, 10 – 500 Watts
RESULT
“Best-in-class” power systems vs. alternatives
Leading metrics and fieldable costs
Functional prototypes exist today
Complete power solution including fuel packaging/cartridge

18. Power Range Focus Fuel cells do well here Battery Curve Protonex Fuel
Cell Curve
Cell
Phone
Fuel cells do well here
PDA
Cost/Watt-hr
IC Engine
Curve
Laptop
We like to start conceptually and at a high level. This graph is useful
There are two main incumbents for off-grid power – batty’s and ICE generators.
This chart shows the approximate cost of the power (Y axis) across a range of power levels (X axis).
The blue curve is the cost of batteries and the red is the cost of ICE. The green is Protonex fuel cells.
The point here is that below 10W batteries are the least expensive way to provide power and above 1000W the ICE Engines are the lowest cost. Show the examples.
In the 10 to 1000W range we see fuel cells having an overall cost advantage vs.batteries and IC engines – a sweet spot where fuel cells provide unique value and a cost advantage in many app’s.
Soldier
Power
Small
Generator
UPS
Residential
Auto
10 Watt
1000 Watt
10,000 Watt

19. VALUE POINTS for Protonex fuel cell based power solutions
Fuel Cell Benefits
Reduced weight
Extended runtimes
Reduced size
Lower life cycle cost
Greater fuel efficiency
Reduced emissions
Lower noise level
Lower heat signature
VALUE POINTS for Protonex fuel cell based power solutions

20. Potential Military Applications
NGen™ Portable Power Family
10-100W W W
Soldier Power
Battery Charger
Silent Watch
Remote Monitoring
Small APU
Electronic Warfare
Mobile Robots
UAV
Fwd Area Charger
External PowerPack
Shelter Power

21. Protonex Military Activity
Army Research Office
Development program for next generation sub-kW stacks, 18 months
Army Research Lab
Development program for advanced DMFC fuel cell stacks, 2 yrs
Air Force Research Lab
Dual Use Science & Technology, 18 months
BAO kit power system using chemical hydride fuel
Naval Research Lab
Feasibility demonstrated on UAV power system, ongoing work
TARDEC
Prototype development for mobile robots
SOCOM
Silent Auxiliary Power Unit just awarded
Military Primes
Multiple joint development programs starting and in discussion

22. Protonex Stack Breakthrough
20 W ~ 1992
20 W ~ 2003

23. Protonex Stacks = Best-in-Class
H2 PEM technology
Compact
Lightweight
Low Cost
Robust
Reliable
Injection Moldable
Patents Pending
Protonex started with Stacks which are the power plants of fuel cells
Actual products from 10 to 500W
No tradeoffs – we get low cost, lightweight AND high performance, reliability.
Punch injection molding
Drive patents pending
3000 Series Family Watts
Protonex Stacks are Highly Durable

24. Stack Life Test 4000 hrs
Man portable target system lifetime = 2000 hrs operation, Phase I
Degradation corresponds to loss of ~1.5% efficiency at 2000 hours

25. NGen™ Systems Fuel Cell Power Systems Protonex Systems are
Fuel Cell Stack
Balance of Plant
Air, Cooling, Controls
Fuel System (HW and fuel)
Chemical Hydrides
Methanol Reformers
H2 or Metal Hydrides
Protonex Systems are
Small & lightweight
Efficient & durable
Manufacturable
Easy to embed in app’s
30 Watt System Prototype
Stack superiority and simplicity enable the use of available balance of plant components. Strong systems knowledge and capabilities allow selection, integration and commercialization of best-in-class fuel technologies to deliver complete power systems to applications.

26. System Examples: W

27. Systems tested -10 to 50°C and 1000 hrs to date
System Testing
Systems tested -10 to 50°C and 1000 hrs to date

28. Industry First 30W System
FIRST integrated chemical hydride fuel cell system
TODAY: Whr/kg and TRL5
Q4 2005: Whr/kg and TRL6-7
72 hour 30Watts continuous

29. Protonex Value Proposition
NEED: 30 watts continuous for 72hr mission
BA5590 Batteries (today)
Units required: 13
Total weight: lbs
Total volume: 11.2 liters
Cost/mission: $1,040
Protonex Fuel Cell System
Systems required: 1
Cartridges required: 6
Total weight: 7.9 lbs
Total volume: 4.3 liters
Cost/mission: $433
Savings: 60% on cost 62% on size 73% on weight
Impact: Significantly Decreased Logistics Burden

30. Life Cycle Cost Details
Lower life cycle cost vs. batteries
Practical capital costs 5K units
Low cost COTS and FC components
Design for manufacture focus
Highly durable, low maintenance
Tested 4,000 hrs (10,000 hrs possible)
Low cost fuel cartridges
Chemical hydride is safe, non-flammable
Recycle cartridges for training
Discard cartridges for battle

31. Strategic Partners
Parker Hannifin – volume mfg of Protonex systems and key components (60 mfg. plants worldwide)
Millennium Cell – co-develop fuel cartridge w/Protonex
Dow – volume mfg of Protonex fuel cartridges

32. Recent Milestones System prototypes built from 10 to 500W
Over 600 stacks built
Life testing over 4,000 hours
Demonstrated integrated fueling system
Multiple joint development projects
Several high profile military program awards
Military evaluations in progress
New 12,000 sq.ft. facility
9 patents pending

33. Summary - Our Strengths
“Best in Class” fuel cell power systems for OEM’s
Leading product metrics
Low system cost points enabling adoption
Strong customer focus
Product oriented, not just R&D
NGen™ patent pending technology
Comprehensive suite of strategic partners
Strong military activity & support
Strong private venture funding (matching $)
History of delivering to commitments

34. Contact Information
Greg Cipriano
VP Marketing & Military Development
x208
Protonex Technology Corporation
153 Northboro Road
Southborough, MA 01772