EATONTOWN, N.J. (AP) - Millennium Cell Inc., a developer of hydrogen battery technology, on Monday said it was awarded a subcontract by Protonex Technology Corp. to jointly develop a fuel system to lengthen the flight times of unmanned aerial vehicles.
Financial terms were not disclosed.
Protonex, as prime contractor for the Air Force Research Laboratory, is developing a UAV power system that will combine Millennium's 'hydrogen-on-demand' technology with a high-power fuel cell system designed to increase current UAV flight times from under two hours to more than six, according to the company.
Shares of Millennium added a penny to $1 in aftermarket activity after gaining 5 cents, or 5.3 percent, to close at 99 cents on the Nasdaq Stock Market, where they have traded between 77 cents and $2.05 in the past year.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.