Horizon Fuel Cell Technologies and Millennium Cell have signed a letter of intent to jointly develop and sell fuel cell products globally.

Under the terms of the agreement, the firms will receive preferred product pricing and will also be entitled to resell certain products developed by either company worldwide.

The companies have also entered into a definitive agreement which will see them exchange respective equity valued at $5 million.

Millennium Cell issued Horizon approximately 12 per cent of its outstanding shares in exchange for a non-interest-bearing convertible note in the principal amount of $5 million.

The one-month note from Horizon will convert into around seven per cent of Horizon's outstanding common stock pending a vote from Horizon's shareholders.

George Gu, President and Chief Executive Officer of Horizon, said: "We are very pleased with our investment in Millennium Cell as we share the same market vision and can clearly see how well our products mate with their technology.

"Our development efforts are already underway and we will use our mutual strengths to expand our offerings and bring exciting new products to commercial and military markets."

Source:

Millennium Cell and Horizon Fuel Cell Sign Letter of Intent, 19/10/07

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