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U.S. DOT Approves Transport of Methanol Fuel Cell Cartridges and Systems on Passenger Aircraft in Carry-on Baggage

Business Wire, April 30, 2008

Important step for commercialization of Mobion([R]) in the consumer market

ALBANY, N.Y. & ARLINGTON, Va. -- MTI MicroFuel Cells Inc. ("MTI Micro"), the developer of Mobion([R]) off-the-grid portable power solutions and a subsidiary of Mechanical Technology, Incorporated ("MTI") (NASDAQ: MKTY), and the Methanol Institute, the trade association of the global methanol industry, announced that the U.S. Department of Transportation ("DOT") today issued a final ruling that will permit passengers and crew to carry methanol fuel cell cartridges and fuel cell systems designed for portable electronic devices on board airplanes in carry-on baggage. The effective date of the ruling is October 1, 2008, although voluntary compliance with the ruling may commence as of May 30, 2008.

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The final ruling prescribes regulations for transporting fuel cells containing methanol. Passengers will be permitted to carry approved fuel cells and up to two spare fuel cell cartridges in their carry-on baggage.

The ruling harmonizes U.S. transportation regulations with global regulations adopted by the International Civil Aviation Organization ("ICAO") that went into effect on January 1, 2007. The DOT now joins agencies from a number of countries around the world, including Canada, China, Japan and the United Kingdom, which have already incorporated the passenger allowance into their national standards.

"Today the Department of Transportation removed the final barrier to transporting methanol fuel cells on board airplanes," said Methanol Institute Vice President for Communications & Policy, Gregory Dolan. "Methanol and fuel cell industry leaders like MTI Micro, which have been working with international transportation regulators for several years to achieve this result, now have a clear endorsement that methanol fuel cell systems and fuel cell cartridges meet the world's most rigorous safety standards."

"This is an important step in the commercialization process of our Mobion([R]) off-the-grid portable power solutions. We intend to commercialize our products in 2009 in accordance with the guidelines in the Department of Transportation ruling," said Peng Lim, CEO of MTI. "This ruling supports our timeline for commercialization and validates our longstanding choice of methanol as a fuel."

About MTI MicroFuel Cells

MTI MicroFuel Cells Inc. ("MTI Micro"), a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), is the developer of Mobion([R]) 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. More information is available at www.mtimicrofuelcells.com.

About the Methanol Institute

The Methanol Institute ("MI") serves as the trade association of the global methanol industry. MI's member companies include the principal producers of methanol, as well as methanol distributors, industry suppliers and consumers. MI works to encourage the use of methanol as a hydrogen carrier for variety of fuel cell technology applications. For more information about MI, please visit www.methanol.org.

Statements in this press release which are not historical fact, including statements regarding management's intentions, hopes, goals, beliefs, expectations, projections, plans, anticipation, outlook or predictions of the future, are forward looking statements. Such statements include, among others, future prospects and applications for fuel cell systems; MTI Micro's future business prospects, technology and performance; the market potential for and progress MTI Micro is making in developing its Mobion([R]) fuel cell systems and preparing for manufacturing; the impact that the DOT's final ruling may have on MTI Micro's business prospects; and, the timing or success of entry into the consumer market by MTI Micro. All forward-looking statements are made as of today, and MTI and MTI Micro disclaim any duty to update such statements. It is important to note that MTI Micro's and MTI's actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include, among others, risks related to financing; uncertainties in development, manufacturing and competition; and the risk factors listed from time to time in MTI's SEC reports including but not limited to, its annual report on Form 10-K and Quarterly Reports on Form 10-Q.

Business Services Industry

U.S. DOT Approves Transport of Methanol Fuel Cell Cartridges and Systems on Passenger Aircraft in Carry-on Baggage

Business Wire, April 30, 2008

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