June 12, 2007
By: by George Relan, Vice President Of Corporate Development, MTI MicroFuel Cells
Albany, NY, June 12, 2007 - MTI MicroFuel Cells Inc. (MTI Micro), developer of the award-winning Mobion® micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (MTI) (NASDAQ: MKTY), has been awarded the 2007 North American Excellence in Technology Award in the field of micro fuel cells by Frost & Sullivan, an independent global growth consulting company in the technology and research markets.
The Award is presented to a company that has pioneered the development and introduction of an innovative technology that has impacted or has the potential to impact several market sectors. The Award also recognizes successful technology development that is expected to make significant contributions to its industry in terms of adoption, change, and competitive position. Finally, the Award recognizes the overall technical excellence of a company and its commitment to technology innovation.
Frost & Sullivan cited MTI Micro as being a "leading developer of direct methanol fuel cells" and based its award to MTI Micro on the company's progress in developing Mobion®, "a unique, direct methanol fuel cell (DMFC) technology which generates power using a novel system reducing the need for micro plumbing, thereby offering more room for the fuel. Furthermore, the use of a water reallocation system allows employment of pure methanol, which provides the fuel cell with higher energy density compared to conventional DMFCs."
"We are very gratified that the Excellence in Technology Award from Frost & Sullivan recognizes the important advantages Mobion® offers for the entire DMFC industry," said Peng Lim, CEO of MTI Micro. "Mobion®'s unique architecture eliminates the need for fuel recirculation as well as water retrieval and pumping, two issues which have made size and volume reduction difficult and complicated the development of DMFCs for consumer electronics."
"In contrast, Mobion® offers a highly simplified operation that can streamline and accelerate both the miniaturization and manufacturing processes required to develop future DMFC systems for use in cell phones, digital cameras, personal multi-media players, and other consumer devices," said Lim. "Our latest advancement, the Mobion® chip allows for system simplification and we believe it is the first micro fuel cell technology designed with the performance and manufacturability necessary to make a significant impact on the consumer portable electronics markets."
"With Mobion®, MTI Micro has clearly developed an innovative, advanced DMFC technology which overcomes many important limitations of current generation DMFCs," said Viswanathan Krishnan, Industry Manager of Frost & Sullivan. "Because of their technological features and portability, Mobion® DMFCs are attractive for several applications in the consumer electronics communications domain. The development of such technology is clearly a testament to MTI's exceptional success in technology development and innovation as recently seen by their Mobion® chip announcement."
The Frost & Sullivan 2007 North American Micro Fuel Cell Excellence in Technology Award will be presented to MTI Micro tomorrow at the Marriott Newport Beach Hotel, in California as part of the 2007 Excellence in Emerging Technologies Award Banquet. The banquet recognizes companies, products, processes, and executives that have achieved world-class performance within their industries.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Incorporated, (NASDAQ: MKTY), is the developer of the award winning Mobion® 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 http://www.mtimicrofuelcells.com/.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visitwww.awards.frost.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; 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; the significance of any awards or other recognition that MTI Micro may receive; MTI Micro's future business prospects, technology and performance; and, the market potential for and progress MTI Micro is making in developing its Mobion® chips, Mobion®fuel cell systems, including fuel cell systems or prototypes for applications related to the consumer market. 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.