ALBANY, N.Y. & SEOUL, Korea–
MTI MicroFuel Cells Inc. (MTI Micro), the developer of Mobion(R) off-the-grid portable power solutions and a subsidiary of Mechanical Technology, Incorporated (MTI) (NASDAQ: MKTY), and NeoSolar (KOSDAQ: 036610), a Korean manufacturer of portable digital devices and energy products, today announced that they have entered into an agreement for the development of Mobion(R) fuel cell technology for use in future models of NeoSolar portable digital devices including ultra mobile portable computers (UMPCs.)
Both MTI Micro and NeoSolar will work together to develop, test, and evaluate Mobion(R) prototypes for their integration with a number of NeoSolar products that could lead to the use of external Mobion(R) power sources like chargers, snap-on attachments, and embedded Mobion(R) power sources for integration into various digital products.
“At NeoSolar, we want to incorporate the best technologies available into our products, and provide our customers with the most advanced features and cutting-edge functionality,” said Dr. James Y. Yu, President of NeoSolar. “This co-development agreement with MTI Micro will give us the opportunity to provide fuel cell technology with incredible benefits that may allow us to bring a new class of digital products to consumers.”
NeoSolar’s UMPCs, branded as “Wibrain” are much smaller than traditional portable notebook computers with enough processor strength to support a full operating system, as well as complete browsing, communication, video and gaming capabilities in a compact package. According to research from Frost and Sullivan, the annual portable power market for UMPCs had grown to $343 million as of the end of 2007 from $93 million in 2003 and is projected to cross the half billion dollar mark in 2010.
“Working with NeoSolar gives us access to a new segment of the consumer electronics market – UMPCs,” said Peng Lim, Chairman and CEO of MTI. “NeoSolar’s UMPCs are well suited for a new power source that can take them to the next step in their product evolution. Today’s announcement is also an important step for MTI Micro toward our goal of becoming a leading provider of portable power for handheld electronic devices.”
“MTI Micro’s effort with its third consumer electronic OEM engagement in less than a year is proof of the interest in the marketplace for direct methanol fuel cell solutions for the ever increasing number of new multi-functional devices in the consumer market that need more power,” said Sara Bradford, Research Director of Power Systems Group at Frost & Sullivan. “We believe MTI Micro is gaining momentum as its potential market opportunity has now expanded to include UMPCs.”
NeoSolar joins other consumer OEMs which have recently entered into agreements with MTI Micro to evaluate the use of Mobion(R) power solutions in their products. As MTI Micro continues to work towards commercialization of its Mobion(R) technology, it recently opened a representative office in China to allow for the development of manufacturing and low-cost component supplier relationships and entered into agreements with representatives in both Korea and Japan.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc. (“MTI Micro”), a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), is the developer of Mobion(R) off-the-grid portable power solutions. MTI Micro has a team of entrepreneurial business executives, researchers and scientists; a proprietary direct methanol micro fuel cell power system and a number of system prototypes demonstrating size reductions and performance improvements; and related intellectual property. MTI Micro has received government funding and developed strategic partnerships to facilitate efforts to achieve commercialization. More information is available at www.mtimicrofuelcells.com.
NeoSolar Inc., a Korea based public company listed on Kosdaq (036610), is a developer and manufacturer of portable digital devices including UMPCs and energy products including solar photovoltaic cells. NeoSolar is a leading provider of UMPC products branded as “Wibrain” in Korea and other major markets. Recently, NeoSolar is co-developing and productizing fuel cell powered products with MTI Micro. Find more information at www.wibrain.com
Statements in this press release which are not historical fact, including statements regarding management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, MTI Micro’s satisfactory completion of any phase of its co-development agreement with NeoSolar including evaluation and co-development and the willingness of NeoSolar to continue the relationship in the future; MTI Micro’s future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its Mobion(R) fuel cell systems for consumer applications; the ability of MTI Micro to develop key relationships with OEM decision makers, foster business development, or sell and support fuel cell systems to customers; and the future prospects, markets, product launch, market acceptance, and commercialization plans of MTI Micro products in the consumer markets. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro’s and MTI’s actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include, among others, risks related to financing; uncertainties in development, manufacturing and competition; and the risk factors listed from time to time in MTI’s SEC reports, including but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Source: Mechanical Technology
Released July 10, 2008