MTI Micro receives $500,000 in funding from U.S. Department of Energy

ALBANY, N.Y., 7 March 2008.MTI MicroFuel Cells Inc. (MTI Micro), developer of Mobion micro fuel cell technology for handheld electronic devices and a subsidiary of Mechanical Technology Inc. (MTI), announced that the U.S. Department of Energy (DOE) Office of Hydrogen, Fuel Cells, and Infrastructure Technologies released an additional $500,000 of funding to its program with MTI Micro for the development of manufacturing techniques and the optimization of MTI Micro's Mobion technology platform. With this most recent authorization, the DOE has committed $1.5 million dollars to this program in less than a year.

Says Peng Lim, CEO of MTI: "This additional funding will help to provide us with resources to continue working on our manufacturing readiness plan in 2008, ramping up to product launch 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 today's funding, the DOE has committed $2.675 million dollars to MTI Micro's Mobion developmental efforts.