Saturday, May 18, 2013
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MTI suspends operations of its fuel cell division
Mechanical Technology Inc. said Tuesday that it is suspending the operations of MTI Micro, its fuel cell division in Colonie.
The announcement came at a time when MTI said it had increased annual revenue in 2011 to $10.3 million, a 22 percent increase over 2010, and had net income of $2.4 million, compared to 2010's net loss of $1.8 million.
Most of the increase was due to another MTI subsidiary, MTI Instruments, which last year won a $4.1 million contract from the U.S. Air Force.
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.
Source: Larry Rulison,
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