ALBANY, N.Y., Aug. 6 /PRNewswire-FirstCall/ — 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), announced that the U.S. Department of Energy (“DOE”) Office of Hydrogen, Fuel Cells, and Infrastructure Technologies released an additional $0.500 million dollars to continue MTI Micro’s funding for a cost-shared program expected to result in up to $1.8 million in funding from the DOE between 2007 and 2008.
Including this most recent funds release, the DOE has, to date in 2007, committed $1.0 million dollars to MTI Micro’s Mobion(R) commercialization efforts which include the development of mass manufacturing techniques and the optimization of its unique Mobion(R) technology platform.
“We are very pleased with the continuing support from the Department of Energy for the commercialization of our Mobion(R) technology,” said Peng Lim, CEO of MTI. “This program further validates our product vision including the commencement of manufacturing readiness for Mobion(R) consumer products in 2008 and the shipment of products in the consumer market in 2009. In addition, this program provides a pathway that will benefit the fuel cell industry in terms of a stronger supply base, reduction of costs, and proliferation of fuel cells as an alternative source of portable power.”
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.
About The U. S. Department of Energy
The U.S. Department of Energy’s overarching mission is to advance the national, economic, and energy security of the United States; to promote scientific and technological innovation in support of that mission; and to ensure the environmental cleanup of the national nuclear weapons complex.
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 ability of MTI Micro to sell fuel cell systems to customers; MTI’s ability to deliver fuel cell systems that withstand testing and meet requirements and expectations of prospective customers; 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, including fuel cell systems or prototypes suitable for use by its customers; the timing or success of entry into the consumer market by MTI Micro; MTI Micro’s ability to meet its stated milestones on time, 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 August 6, 2007