Mechanical Technology and DuPont Form Micro Fuel Cell Strategic Partnership
TUESDAY, AUGUST 07, 2001 8:47 AM
- PRNewswire
ALBANY, N.Y., Aug 7, 2001 /PRNewswire via COMTEX/ -- Mechanical Technology Inc. (Nasdaq:MKTY) and DuPont (NYSE
D) today announced they have signed definitive agreements forming a strategic partnership to accelerate the development and commercialization of direct methanol micro fuel cells for portable electronics.Terms of the partnership include an agreement to develop selected fuel cell components based on DuPont(TM) Nafion(R) membrane technology. The components would be customized for Mechanical Technology`s micro fuel cells, which are being developed for portable electronic applications including cellular telephones, personal digital assistants and portable computers.
The partnership also includes a supply agreement for DuPont to provide Mechanical Technology with membranes and related fuel cell components. DuPont also has obtained a minority equity interest in MTI MicroFuel Cells, a Mechanical Technology subsidiary established to commercialize micro fuel cells. Other terms were not disclosed.
"The alliance between DuPont and Mechanical Technology is an important step toward extending our fuel cell offering from materials to value-added components and targeted systems," says David L. Peet, director -- DuPont Fuel Cells. "Mechanical Technology`s position as an innovator and driver of new energy technologies makes their micro fuel cell company an ideal strategic partner to help bring DuPont products and technologies to commercial adoption as fuel cell technology becomes increasingly viable."
"The market opportunities for micro fuel cells are growing rapidly," said George C. McNamee, chairman of the board of Mechanical Technology. "This partnership with DuPont is a powerful step forward in our drive to bring this critical power source to the consumer."
Dr. William P. Acker, president of Mechanical Technology, summed up the progress his company has made. "In the short time since we announced our micro fuel cell operation, we have assembled an experienced development team which includes some of the top figures in the micro fuel cell field. We have made significant progress with our technology. Now we have a working partnership with DuPont, a longtime world leader in developing and commercializing new, advanced technologies that benefit consumers," said Acker.
"DuPont membrane technology has helped pioneer the development of fuel cells," said Acker, "and we believe their tremendous technical expertise and manufacturing experience will enable us to more rapidly bring our micro fuel cells to market."
DuPont is a science company, delivering science-based solutions that make a difference in people`s lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 70 countries and has 93,000 employees.
Mechanical Technology (Nasdaq:MKTY) is primarily engaged in the development of direct methanol micro fuel cells through its subsidiary MTI MicroFuel Cells, and in the design and manufacturing of precision instrumentation through its subsidiary MTI Instruments. Mechanical Technology also co-founded and retains a significant interest in Plug Power Inc. (Nasdaq:PLUG), a leading manufacturer of fuel cells. Mechanical Technology also has an interest in SatCon Technology Corporation (Nasdaq:SATC), which develops power electronics and energy management products, and Beacon Power Corporation (Nasdaq:BCON), which develops flywheel energy storage systems
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