DoE Funding for MTI Micro Fuel Cells
MTI Micro Fuel Cells announced today that it has been awarded $2.4 million in funding from the United States Department of Energy (DOE).
MTI Micro will utilise the U.S. DOE funding to further develop manufacturing processes for Mobion fuel cell systems, reduce overall costs and help accelerate fuel cell use to power portable electronic devices in the consumer market.
MTI Micro has also received a bridge loan commitment to borrow up to an additional $0.8M from an existing bridge investor managed by Dr. Walter L. Robb, a member of the Company's Board of Directors, as well as a new investor.
Altogether, these funds will help support MTI Micro in its strategy to commercialise a greener alternative portable power source for mobile electronic devices in the growing $70 billion global battery market.
Source: Fuel Cell Today