MTI MicroFuel Cells Inc. (MTI Micro), the developer of Mobion®
off-the-grid portable power solutions and a subsidiary of Mechanical
Technology, Incorporated (MTI) (NASDAQ: MKTY),
and NeoSolar (KOSDAQ: 036610), a Korean manufacturer of portable digital
devices and energy products, today announced that they have entered into
an agreement for the development of Mobion®
fuel cell technology for use in future models of NeoSolar portable
digital devices including ultra mobile portable computers (UMPCs.)
Both MTI Micro and NeoSolar will work together to develop, test, and
evaluate Mobion®
prototypes for their integration with a number of NeoSolar products that
could lead to the use of external Mobion®
power sources like chargers, snap-on attachments, and embedded Mobion®
power sources for integration into various digital products.
“At NeoSolar, we want to incorporate the best
technologies available into our products, and provide our customers with
the most advanced features and cutting-edge functionality,”
said Dr. James Y. Yu, President of NeoSolar. “This
co-development agreement with MTI Micro will give us the opportunity to
provide fuel cell technology with incredible benefits that may allow us
to bring a new class of digital products to consumers.”
NeoSolar’s UMPCs, branded as “Wibrain”
are much smaller than traditional portable notebook computers with
enough processor strength to support a full operating system, as well as
complete browsing, communication, video and gaming capabilities in a
compact package. According to research from Frost and Sullivan, the
annual portable power market for UMPCs had grown to $343 million as of
the end of 2007 from $93 million in 2003 and is projected to cross the
half billion dollar mark in 2010.
“Working with NeoSolar gives us access to a
new segment of the consumer electronics market - UMPCs,”
said Peng Lim, Chairman and CEO of MTI. “NeoSolar’s
UMPCs are well suited for a new power source that can take them to the
next step in their product evolution. Today’s
announcement is also an important step for MTI Micro toward our goal of
becoming a leading provider of portable power for handheld electronic
devices.”
“MTI Micro’s
effort with its third consumer electronic OEM engagement in less than a
year is proof of the interest in the marketplace for direct methanol
fuel cell solutions for the ever increasing number of new
multi-functional devices in the consumer market that need more power,”
said Sara Bradford, Research Director of Power Systems Group at Frost &
Sullivan. “We believe MTI Micro is gaining
momentum as its potential market opportunity has now expanded to include
UMPCs.”
NeoSolar joins other consumer OEMs which have recently entered into
agreements with MTI Micro to evaluate the use of Mobion®
power solutions in their products. As MTI Micro continues to work
towards commercialization of its Mobion®
technology, it recently opened a representative office in China to allow
for the development of manufacturing and low-cost component supplier
relationships and entered into agreements with representatives in both
Korea and Japan.
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc. (“MTI Micro”),
a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), 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.
About NeoSolar
NeoSolar Inc., a Korea based public company listed on Kosdaq (036610),
is a developer and manufacturer of portable digital devices including
UMPCs and energy products including solar photovoltaic cells. NeoSolar
is a leading provider of UMPC products branded as “Wibrain”
in Korea and other major markets. Recently, NeoSolar is co-developing
and productizing fuel cell powered products with MTI Micro. Find more
information at www.wibrain.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, MTI Micro’s
satisfactory completion of any phase of its co-development agreement
with NeoSolar including evaluation and co-development and the
willingness of NeoSolar to continue the relationship in the
future; 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 for consumer applications; the ability of MTI
Micro to develop key relationships with OEM decision makers, foster
business development, or sell and support fuel cell systems to
customers; and the future prospects, markets, product launch, market
acceptance, and commercialization plans of MTI Micro products in the
consumer markets. 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 and competition; and the risk factors listed from time to
time in MTI’s SEC reports, including
but not limited to, its Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q.
Mechanical Technology
George Relan, 518-533-2220
Vice
President of Corporate Development
grelan@mechtech.com
