MTI MicroFuel Cells Inc. (MTI Micro), a subsidiary of Mechanical Technology, Incorporated (MTI) (NASDAQ: MKTY), and NeoSolar (KOSDAQ: 036610), a Korean manufacturer of portable digital devices and energy products, announced an agreement for the development of MTI Micro’s Mobion® fuel cell technology for use in future models of NeoSolar portable digital devices including ultra mobile portable computers (UMPCs.)
The companies will work together to develop, test and evaluate Mobion® prototypes for their integration with a number of NeoSolar products that could lead to the use of external Mobion® power sources like chargers, snap-on attachments, and embedded Mobion® power sources for integration into various digital products.
Dr. James Y. Yu, President of NeoSolar, said, "This co-development agreement with MTI Micro will give us the opportunity to provide fuel cell technology with incredible benefits that may allow us to bring a new class of digital products to consumers."
NeoSolar’s UMPCs, branded as "Wibrain" are much smaller than traditional portable notebook computers with enough processor strength to support a full operating system, as well as complete browsing, communication, video and gaming capabilities in a compact package. According to research from Frost and Sullivan, the annual portable power market for UMPCs had grown to $343 million as of the end of 2007 from $93 million in 2003 and is projected to cross the half billion dollar mark in 2010.
"MTI Micro’s effort with its third consumer electronic OEM engagement in less than a year is proof of the interest in the marketplace for direct methanol fuel cell solutions for the ever increasing number of new multi-functional devices in the consumer market that need more power," said Sara Bradford, Research Director of Power Systems Group at Frost & Sullivan. "We believe MTI Micro is gaining momentum as its potential market opportunity has now expanded to include UMPCs."
About MTI MicroFuel Cells
MTI MicroFuel Cells Inc., a subsidiary of Mechanical Technology, Incorporated, 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.
About NeoSolar
NeoSolar Inc., a Korea based public company listed on Kosdaq (036610), is a developer and manufacturer of portable digital devices including UMPCs and energy products including solar photovoltaic cells. NeoSolar is a leading provider of UMPC products branded as "Wibrain" in Korea and other major markets. Find more information at www.wibrain.com
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