MTI Micro Awarded $2.4 Million DOE Funds For Mobion Fuel Cell Commercialization

MTI MicroFuel Cells Inc. ("MTI Micro"), the developer of the Mobion® off-the-grid portable power solution, and a subsidiary of Mechanical Technology, Inc., announced that it has been awarded $2.4 million in funding from the U.S. Department of Energy (DOE).

MTI Micro will utilize the DOE funding to further develop manufacturing processes for Mobion fuel cell systems, reduce overall costs and help accelerate fuel cell use to power portable electronic devices in the consumer market. Mobion is an energy generating device that uses Direct Methanol Fuel Cell ("DMFC") technology. Unlike batteries, Mobion micro fuel cells do not just store energy generated from the power grid. Mobion is a grid-free power source that converts the energy of methanol, a bio-degradable fuel, into usable electricity for portable devices.

"Fuel cell technology is a clean and more energy-efficient alternative to batteries. The Department of Energy has been a long-time supporter in helping companies to develop energy technologies that use renewable fuels to reduce our dependency on the power grid," said Mr. Peng Lim, CEO and President of MTI Micro. "Successfully commercializing micro fuel cells will not only provide consumers with a more efficient way of powering their mobile devices, but will also help us create more green jobs in our country."

MTI Micro has also received a bridge loan commitment to borrow up to an additional $0.8M from an existing bridge investor managed by Dr. Walter L. Robb, a member of the company’s Board of Directors, as well as a new investor.