MTI Planning To Raise $12 Million To Market Portable Fuel Cell

Mechanical Technology, Inc. (MTI), a company primarily engaged in the development and commercialization of Mobion® off-the-grid portable power solutions through its subsidiary MTI MicroFuel Cells Inc. (MTI Micro), announced that due to current market conditions, it has filed an amendment to its registration statement on Form S-1 previously filed on May 22, 2008 with the U.S. Securities and Exchange Commission converting its proposed public offering to units consisting of convertible senior notes and warrants to purchase shares of MTI common stock from units consisting of shares of common stock and warrants to purchase shares of common stock.

MTI intends to use the net proceeds from the offering for research, design, tooling and capital expenditures to support the commercialization of its Mobion® portable power source products, and working capital needs and general corporate purposes.