January 23, 2007
By: by MTI MicroFuel Cells
MTI MicroFuel Cells (MTI Micro), the developer of the award-winning Mobion® micro fuel cell technology and a subsidiary of Mechanical Technology Incorporated (NASDAQ:MKTY) announced today that it is now ready to accept orders for its Mobion® 30M systems from qualified customers as the Company moves to set-up military market test sites.
At a meeting today, Congressman Michael R. McNulty (D-Green Island) joined executives of the Company to unveil MTI Micro´s Mobion® 30M systems prototype now available for sale for evaluation purposes.
"There continues to be an urgent need for an improved power source to address the growing portable power demands in the military," said Congressman McNulty. "I am very excited that this world class, cutting edge micro fuel cell technology is being developed in our region by MTI Micro, and thankful for the company´s efforts on behalf of our military personnel."
The Mobion® 30M addresses the urgent need for a lighter and more compact power source for the 21st century warrior, and is an example of MTI Micro´s commercial technology being adapted for a wide range of military applications to improve the mobility and effectiveness of today´s soldier offering a number significant advantages such as:
"We are now showing our Mobion® 30M systems prototypes to a steady stream of interested parties and are ready to enter into a testing phase in 2007," said Peng Lim, CEO of MTI Micro. "This testing phase will provide MTI Micro with the opportunity to showcase its technology and establish strategic relationships in the military markets. So far, the positive feedback from our prototype demonstrations has shown that MTI Micro is a leader in the field of direct methanol fuel cell technology."
"We would like to express our appreciation to Congressman McNulty for his efforts related to our fuel cell development and his leadership bringing funding to Upstate New York for clean energy projects," said Steven Fischer, Chairman and CEO of Mechanical Technology.
As the Company moves toward commercialization, it plans to set up multiple test sites throughout 2007, and successful results from these tests should then lead to the initial commercialization of military units in 2008 and move us closer to product entry into consumer markets.
For more details about the Mobion® 30M, to download a Mobion® 30M brochure, and for information about how to order Mobion® 30Ms, please visit our website at www.mtimicrofuelcells.com
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ: MKTY), is the developer of the award-winning Mobion® direct methanol micro fuel cell technology. MTI Micro 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 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, 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 prospects and applications for fuel cell systems, including those adapted for military use; the ability of MTI Micro to sell fuel cell systems to customers, including the U.S. Military; MTI´s ability to deliver fuel cell systems that withstand testing and meet requirements and expectations of prospective customers, including the U.S. military; MTI Micro´s future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its Mobion® fuel cell systems, including fuel cell systems or prototypes suitable for use by the U.S Military; the timing or success of entry into the military 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.