ALBANY, N.Y., Nov. 16 /PRNewswire/ -- Mechanical Technology Inc. (Nasdaq: MKTY) and ATK (Alliant Techsystems) (NYSE: ATK) today announced the signing of a teaming agreement to explore military applications for direct methanol micro fuel cells in the U.S. Army's Objective Individual Combat Weapon (OICW).
The agreement -- between ATK Integrated Defense Company, an ATK operating company, and MTI MicroFuel Cells Inc., a Mechanical Technology subsidiary established to commercialize micro fuel cells -- signals both the growing requirements and the increasing applications for this developing, alternative power source, according to company leaders.
"We see micro fuel cells as critical to improving the power sources necessary for future defense applications," said Hubert Hopkins, president of ATK Integrated Defense Company, "and they could allow for longer mission duration and reduced weight and as a potential future power source for OICW."
"ATK has a proud tradition of being a leader in the development of advanced weaponry systems, which is why we are interested in this technology and why we are teaming with Mechanical Technology, a recognized leader in the micro fuel cell industry," said Hopkins.
"With its strong presence in the defense industry, ATK can be a tremendous strategic partner as we develop military applications that complement our broader commercialization efforts," said Dr. William Acker, president of Mechanical Technology.
Mechanical Technology is primarily engaged in the development of direct methanol micro fuel cells through its subsidiary MTI MicroFuel Cells, and in the design and manufacturing of precision instrumentation through its subsidiary MTI Instruments. Mechanical Technology also co-founded and retains a significant interest in Plug Power Inc. (Nasdaq: PLUG), a leading manufacturer of fuel cells. Mechanical Technology also has an interest in SatCon Technology Corporation (Nasdaq: SATC), which develops power electronics and energy management products, and Beacon Power Corporation (Nasdaq: BCON), which develops flywheel energy storage systems.
ATK is a $1.7 billion aerospace and defense company with leading positions in propulsion, composite structures, munitions, and precision capabilities. The company, headquartered in Edina, Minn., employs approximately 9,400 people and has two business segments: Aerospace and Defense. ATK news and information can be found on the Internet at http://www.atk.com .
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