FuelCellsWorks

ALBANY, N.Y.–MTI MicroFuel Cells Inc. (“MTI Micro”), the developer of the Mobion® off-the-grid portable power solution, and a subsidiary of Mechanical Technology, Incorporated (“MTI”) (NASDAQ: MKTY), announced today that it has been awarded $2.4 million in funding from the United States Department of Energy (DOE).

MTI Micro will utilize the U.S. 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.

Altogether, these funds will help support MTI Micro in its strategy to commercialize a greener alternative portable power source for mobile electronic devices in the growing $70 billion global battery market.

About MTI MicroFuel Cells

MTI MicroFuel Cells Inc., 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.

About The U. S. Department of Energy

The U.S. Department of Energy’s overarching mission is to advance the national, economic, and energy security of the United States; to promote scientific and technological innovation in support of that mission; and to ensure the environmental cleanup of the national nuclear weapons complex.

Plug Power Also Receives $6 M in Awards for Fuel Cell Market Transformation

LATHAM, N.Y.– Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, has announced they have received over $6 M in awards from the United States Department of Energy (DOE) for fuel cell market transformation programs. The funding will be used to integrate Plug Power’s fuel cell solutions into material handling, residential and stationary power applications. Successful completion of these projects will strengthen the product portfolios for Plug Power’s GenDrive and GenSys products.

Additionally, nine programs were awarded to Plug Power customers for DOE market transformation projects, totaling over 304 GenDrive units deployed into the field. Replacing lead acid batteries in electric lift trucks, these product installations will allow for fleet conversions within warehouses and distribution centers in Arkansas, Colorado, Ohio, Pennsylvania, South Carolina and Texas.

“These awards move commercial customers beyond field trials to full fleet conversions,” said Tony Troutt, Director of Sales at Plug Power. “Strong support from large customers in diverse industries will drive rapid market adoption.”

As part of the $6 M in awards, the DOE will also fund a three-year project to verify the durability and commercial readiness of Plug Power’s combined heat and power GenSys product. Designed for residential and light commercial applications, GenSys replaces traditional furnaces and boilers, creating electricity and high-quality heat for the consumer. The DOE funded reliability fleet will be installed in highly visible locations in Southern California, working with Southern California Gas Company, a Sempra Energy utility, and the National Fuel Cell Research Center at the University of California, Irvine.

“We appreciate the DOE’s investment and commitment to fuel cell technology,” said Katrina Fritz Intwala, Vice President of Government and Public Relations. “Their vision and leadership has facilitated expansion and growth within the industry. This will allow companies like Plug Power and its customers to deploy exciting alternative energy products and accelerate the growth of green jobs.”

About Plug Power Inc.

Plug Power Inc. (Nasdaq:PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power’s energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.