"We are extremely grateful for the confidence and continued support that the U.S. Department of Energy has taken to maintain micro fuel cell technology leadership in the U.S.," said Peng Lim, President and CEO of MTI Micro. "This grant will bring us to the next phase of our development – field testing – which is a precursor start to our Mobion ® production process, helping to bring a more efficient and environmentally friendly power source to the global market."
This $1.2M grant supplements the cost-shared program awarded to MTI Micro in April 2009, bringing the aggregated amount to about $6 million through the American Recovery and Reinvestment Act. The grant is being used to support the acceleration of fuel cell use to power portable electronic devices in the consumer electronic device market.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc. ("MTI Micro") (OTC: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 management's intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future are forward looking statements. Such statements include MTI Micro's ability to successfully commercialize its Mobion® fuel cell system. 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 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 MTI's SEC reports including but not limited to, MTI's annual report on Form 10-K for the year ended December 31, 2009.