– Technology improvements in energy and power –
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 company has completed initial testing of a number of Mobion(R) units from its developmental pilot production line. MTI Micro will share results of the test and demonstrate its prototypes later this month at the U.S. Department of Energy (DOE).
The initial test of Mobion(R) prototype systems produced on the developmental pilot production line showed more than a 10% improvement in both energy and power over test results in the fall of 2007. These achievements can be attributed to platform design refinements and subsystem reliability from the developmental pilot production line.
MIT Micro will be presenting future development opportunities for portable power sources at the Fuel Cell Pre-Solicitation Workshop this month at the DOE office in Golden, Colorado. The DOE will be using input from MTI Micro and other participants to assist them in the development of fuel cell funding announcement opportunities for 2009. In addition, MTI Micro will also brief the DOE on test results and demonstrate its new developmental pilot production prototypes.
In 2007, the DOE committed $1.0 million dollars to MTI Micro’s Mobion(R) developmental efforts including the development of mass manufacturing techniques and the optimization of its unique Mobion(R) technology platform. This funding is part of a cost shared program which is expected to result in up to $1.8 million in funding from the DOE between 2007 and 2008.
“We appreciate the continued support from the Department of Energy as we advance toward our goal of manufacturing readiness in 2008 and product launch in 2009,” said Peng Lim, CEO of MTI. “This program provides resources that advance broader fuel cell manufacturing technology and help support MTI Micro’s developmental efforts.”
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; 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 manufacturing readiness in 2008, and product launch 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 January 15, 2008