|
MTI MicroFuel Cells Inc. ("MTI Micro"), the developer of MobionŽ off-the-grid portable power solutions and a subsidiary of Mechanical Technology Incorporated ("MTI") (NASDAQ: MKTY), today announced that the Office of Hydrogen, Fuel Cells and Infrastructure Technologies of the U.S. Department of Energy ("DOE") authorized the release of an additional $325,000 under its program with MTI Micro for the development of manufacturing techniques and the optimization of the MobionŽ technology platform. With this most recent authorization, the DOE has funded or committed to fund an aggregate of $1.825 million to this program during the past 12 months.
"We are pleased with the DOE´s continued support for the ongoing development of manufacturing techniques for the commercialization of our MobionŽ technology," said Peng Lim, CEO of MTI. "This additional funding will contribute to our efforts in designing the MobionŽ platform for testability as part of our manufacturing readiness plan this year, in preparation for a MobionŽ product launch in the consumer market 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 the most recent authorization, the DOE has funded or committed to fund an aggregate of $3 million to MTI Micro´s MobionŽ developmental efforts.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc. ("MTI Micro"), a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), is the developer of MobionŽ 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.
Statements in this press release which are not historical fact, including statements regarding management´s intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future, are forward looking statements. Such statements include, among others, future funding commitments from the U.S. Department of Energy; MTI Micro´s future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its MobionŽ fuel cell systems for consumer applications, including manufacturing readiness; 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.
|
