In less than a year, DOE provides $1.5 million in funding authorizations for manufacturing readiness
MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion(R) micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ: MKTY), today announced that the U.S. Department of Energy (“DOE”) Office of Hydrogen, Fuel Cells, and Infrastructure Technologies released an additional $500 thousand dollars of funding to its program with MTI Micro for the development of manufacturing techniques and the optimization of MTI Micro’s unique Mobion(R) technology platform. With this most recent authorization, the DOE has committed $1.5 million dollars to this program in less than a year.
“With DOE’s support, we have begun our manufacturing readiness phase and the establishment of a developmental pilot production line to advance Mobion(R) manufacturing techniques, increase the number of units produced to satisfy potential and existing customers, and allow for more expansive testing with the delivery of larger quantities of consistent Mobion(R) systems,” said Peng Lim, CEO of MTI. “This additional funding will help to provide us with resources to continue working on our manufacturing readiness plan in 2008, ramping up to product launch in 2009.”
This funding authorization is part of a cost-shared development contract originally awarded in 2004 through a merit-reviewed, competitive process involving academia, industry and DOE national laboratories. Since its inception and including today’s funding, the DOE has committed $2.675 million dollars to MTI Micro’s Mobion(R) developmental efforts.
This funding authorization follows MTI Micro’s demonstration of Mobion(R) external power pack prototypes from its developmental pilot production line to the DOE in January, and to the general public at the Hydrogen and Fuel Cell Expo in Japan in February.
MTI Micro is developing Mobion(R) cord-free rechargeable power pack technology as a superior solution for powering the multi-billion dollar portable electronics market and plans to ship products in the consumer market starting in 2009.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated, (NASDAQ: MKTY), is the developer of the award winning Mobion(R) direct methanol micro fuel cell technology. The Company has a world-class team of entrepreneurial business executives, researchers and scientists; a number of system prototypes demonstrating size reductions and performance improvements; significant related intellectual property; and has received government awards and developed strategic partnerships to help accelerate commercialization. More information is available at www.mtimicrofuelcells.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, future funding commitments from the Department of Energy, future prospects and applications for fuel cell system; the importance of and benefits from a developmental pilot production line; MTI’s ability to deliver fuel cell systems that withstand testing and meet requirements and expectations of prospective customers, and; the future prospects, markets, product launch, market acceptance, and commercialization plans of MTI Micro products in the consumer or military markets including plans to prepare for manufacturing readiness in 2008, and launching a product in 2009, if at all. 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, competition and military demand for DMFCs; and the risk factors listed from time to time in MTI’s SEC reports including but not limited to, the annual report on Form 10-K and Quarterly Reports on Form 10-Q.
Source: Mechanical Technology Incorporated
Released March 6, 2008