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), today announced that it has achieved 2,700 hours of
continuous operation with a Mobion®
laboratory cell – the building block of the
Company’s Mobion®
chip and systems. In comparison, a typical cell phone plan in the U.S.,
marketed to moderate to heavy users, includes 3,000 minutes per month
which, over the life of a typical 2 year contract, translates to only
1,200 hours of use.
In an industry report published by the Journal of Power Sources, tests
conducted on direct methanol micro fuel cells show degradation of up to
35% after only 360 hours of operation. In addition to the 2,700 hours of
continuous run-time, our Mobion®
test, which is still ongoing, successfully demonstrated a significant
achievement by showing power degradation of less than 15% - which we
believe is a breakthrough for the micro fuel cell industry.
“Our test results are a clear indication of
the technical progress we have made on performance metrics including
life, degradation, temperature, and humidity levels which are required
to bring products to market in the consumer electronics industry. To our
knowledge, there are no other published results that match ours,”
said Jim Prueitt, Vice President of Engineering and Operations at MTI
Micro. “With these results, we believe we
continue to be a leader in the micro fuel cell industry as we work
toward the commercialization of our Mobion®
power sources.”
According to Frost and Sullivan, the average power degradation in a
lithium ion battery can be approximately 50% of their charging capacity
after two years. As most cell phone users notice after a short time of
ownership, the battery in their phone does not hold a charge like it did
when it was new. They must recharge their phones more and more often and
be more conscious of saving power.
“In less than a year, we have been chosen by
three consumer electronic OEMs who are striving to meet the needs of
consumers who want a longer lasting and more reliable power source,”
said Peng Lim, Chairman and CEO of MTI. “We
believe these results show our technological leadership and our future
ability to help OEMs meet those needs with our Mobion®
technology.”
With these latest test results, MTI Micro is also in line with targets
set by the Department of Energy in a recent funding opportunity
announcement which required fuel cells under 50 Watts to have a life
test of at least 2000 hours.
MTI Micro's strategy is to provide Mobion®
portable power products for use in the multi-billion dollar
consumer electronics industry for applications including cell phones,
digital cameras, PDAs, MP3 players and other handheld electronic
devices. The Company’s Mobion®,
100% methanol feed, passive DMFC technology has been demonstrated in
fully-functional prototypes and concept models in three primary product
directions: external cord-free rechargeable power packs, attached fuel
cell power sources and embedded micro fuel cell designs.
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.
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, among others, MTI Micro’s
future business prospects, technology and performance; the market
potential for MTI Micro’s Mobion®
fuel cell systems and the progress it is making in developing and
commercializing those systems for consumer applications; future funding
commitments from the DOE; and, the importance of and benefits from any
laboratory testing. All forward-looking statements are made as of
today, and MTI Micro and MTI 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, Incorporated
George Relan, 518-533-2220
Vice
President of Corporate Development
grelan@mechtech.com
