MTI MicroFuel Cells Inc., a subsidiary of Albany-based Mechanical Technology Inc., announced Thursday that it is opening a new representative office in Shanghai, China.
According to MTI officials, the new office will facilitate efforts to develop relationships with manufacturers and low-cost component suppliers in China.
“Expanding our operations in China is an important step in achieving manufacturing readiness,” said Peng Lim, chairman and chief executive officer of MTI. “A local presence in China is key to our commercialization strategy, and will assist in establishing our manufacturing base to support increased production levels in preparation for our product launch in 2009.”
The company has been trying to develop a complete platform of systems to power hand-held consumer electronics using its methanol micro fuel cell technology, known as the Mobion chip.
On Wednesday, MTI announced that it has received notification from the Nasdaq Stock Market that it is once again in compliance with the Nasdaq rule requiring stocks to trade at at least $1 per share. MTI has been trading around $3 since the company initiated a reverse stock split in May. The stock closed at $3.07 Thursday, down 9 cents.