Mechanical Technology Inc. (MTI) announced its financial results for 2011, with an annual revenue of $10.3 million – a 22 percent increase over 2010 – and net income of $2.4 million, compared to 2010’s net loss of $1.8 million. Despite the revenue increase, the company announced that it is suspending the operations of MTI Micro, its fuel cell division in Colonie.
During 2011, MTI Micro completed its field testing program for Mobion® power solutions with the U.S. Department of Energy and a branch of the U.S. Department of Defense, and the company states that it is now seeking potential grant opportunities or purchase orders from existing relationships. To reduce operational losses, MTI Micro has suspended its operations until such time as market demand and other deciding factors, including, but not limited to, a new development program with a government agency and/or customer orders, come to fruition.
For years now, MTI has been cutting back on its fuel cell operations until it essentially ran out of money. It no longer has any employees devoted to the venture and may consider selling the associated patents.
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