MTI MicroFuel Cells Inc. converts $4M in loans to stock
COLONIE — MTI MicroFuel Cells Inc. in Colonie has converted nearly $4 million in loans given to the company to 55.8 million shares of stock.
MTI Micro, a subsidiary of Mechanical Technology Inc., had used the financing to help it in its quest to commercialize its Mobion micro fuel cell for use in handheld electronics.
The largest lender had been board member Walter Robb and his venture capital fund, Counter Point Ventures Fund II LP – with $3 million lent to the company.
As a result of the conversion, Mechanical Technology’s ownership stake in MTI Micro will fall from 97.3 percent to 61.8 percent.
Robb and his fund will end up with more than 40 million shares of MTI Micro.
– Larry Rulison
