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May 14, 2010 (FinancialWire) — Mechanical Technology, Inc.’s (MTI) (OTC: MKTY) MTI MicroFuel Cells Inc. unit, a developer of portable power solutions, said that it has received a $1.2 million grant from the U.S. Department of Energy, broadening a cost-shared program fund that supports the manufacturing process for the company’s Mobion fuel cell systems and reducing the overall cost of micro fuel cell systems.

Peng Lim, president and CEO of MTI Micro, said “This grant will bring us to the next phase of our development – field testing – which is a precursor start to our Mobion® production process, helping to bring a more efficient and environmentally friendly power source to the global market.”

The $1.2M grant supplements a cost-shared program awarded to MTI Micro in April 2009, bringing the aggregated amount to about $6 million through the American Recovery and Reinvestment Act.

MTI Micro said that the grant is being used to support the acceleration of fuel cell use to power portable electronic devices in the consumer electronic device market.

New York-based MTI MicroFuel Cells said it has 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.

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