(NASDAQ: MKTY)
Mechanical Technology, Inc. (MTI) incubates Energy Technologies companies and manufactures and sells precision diagnostic and measurement instruments. MTI, in a joint venture with Detroit Edison, created and successfully spun-out Plug Power (NASDAQ:PLUG), a designer and manufacturer of fuel cells for home and automotive applications. The success of Plug Power, and MTI’s early development efforts with Proton Exchange Membrane (“PEM”) fuel cells, gas and steam powered turbines and the Stirling Engines, has given MTI a unique position to be a leader in the evolution of Energy Technologies. MTI’s Energy Technologies strategy includes: obtaining a holding in companies that have synergies with MTI’s core competencies; holding positions in established Energy Technologies companies; and creating internal development and growth of the Energy Technologies businesses.