DuPont to Reinvest in MTI MicroFuel Cells
DuPont (Wilmington, DE) contributed an additional $5.0 million in a second round of funding for MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology Inc. (Albany, NY). DuPont contributed additional cash to maintain its six-percent ownership position in MTI Micro. Mechanical Technology also reinvested during the round, maintaining the company's controlling position in its subsidiary.
The partnership between Mechanical Technology and DuPont, announced in August 2001, also included an agreement to customize selected fuel cell components based on DuPont Nafion membrane technology, as well as a supply agreement for DuPont to provide MTI Micro with membranes and related fuel cell components.
"The continued support of DuPont and Mechanical Technology allows us to maintain momentum in both our technical achievements and our business development, such as the recently announced agreement to cooperate with Alliant Techsystems in developing the military market," said James Bunch, CFO for MTI Micro.