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MTI Micro Begins Fuel Cell Product Field Testing with DOE and NYSERDA Funding

^{Published on 2010-06-16 16:15:32 - Market Wire}
 

ALBANY, N.Y.--([ BUSINESS WIRE ])--MTI Micro Fuel Cells Inc. (MTI Micro), the developer of the Mobion^® off-the-grid portable power solution, and a subsidiary of Mechanical Technology, Incorporated (MTI) (OTC: MKTY) announced today that it has initiated a $1.5 million field testing program for the companya™s Mobion^® micro fuel cell with support from the U.S. Department of Energy (DOE), and the New York State Energy Research and Development Authority (NYSERDA).

"This program is putting our Mobion® product in the hands of consumers making it a major milestone for MTI Micro and the entire hand-held DMFC industry"

The program will enable MTI Micro to obtain feedback on Mobion^® products from key stakeholders, including the U.S. Department of Defense (DOD), the DOE, original equipment manufacturers (OEMs), industry experts, and consumer testers.

In addition, the company announced a 20% improvement in the power density of its Mobion^® technology after demonstrating an increase in performance from 84mW/cm2 to 100mW/cm2 at the companya™s Albany, NY-based lab. MTI Micro believes this is the highest performance achieved in a vapor feed, passive water management direct methanol fuel cell which will enable more energy dense micro fuel cells systems.

aThis program is putting our Mobion® product in the hands of consumers making it a major milestone for MTI Micro and the entire hand-held DMFC industry,a said Peng Lim, President and CEO of MTI Micro. aThese mobile users will finally experience the benefits of a new green energy source, and the freedom of having on-the-go power to match their lifestyle.a

This announcement follows the receipt of a $1.2 million grant from the DOE, and a $295,000 award from NYSERDA to support next-generation power technologies with the potential for advancing New York toward a clean energy economy. Both funding awards are being used to support the companya™s field testing program.

About MTI MicroFuel Cells

MTI MicroFuel Cells Inc. (aMTI Microa) (MKTY), a subsidiary of Mechanical Technology, Incorporated, is the developer of Mobion® 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 managementa™s intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future are forward looking statements.Such statements include MTI Microa™s ability to successfully commercialize its Mobion® fuel cell product.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 Microa™s actual results could differ materially from those projected in forward-looking statements.Factors that could cause the anticipated results not to occur include the lack of funding to complete the commercialization of its direct methanol fuel cell technology; and the risk factors listed from time to time in MTIa™s SEC reports including but not limited to, MTIa™s annual report on Form 10-K for the year ended December 31, 2008.