MECHANICAL TECHNOLOGY INC, 10-C, 1996-07-09

MECHANICAL TECHNOLOGY INC
10-C, 1996-07-09
MEASURING & CONTROLLING DEVICES, NEC
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549
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                                    FORM 10-C

                 REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ
                          INTERDEALER QUOTATION SYSTEM


                  Filed pursuant to Section 13 or 15(d) of the 
                 Securities Exchange Act of 1934 and Rule 13a-17
                              or 15d-17 thereunder


                       MECHANICAL TECHNOLOGY INCORPORATED
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                 (Exact name of issuer as specified in charter)

                 968 Albany-Shaker Road, Latham, New York  12110
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                    (Address of principal executive offices)

         Issuer's telephone number, including area code  (518) 785-2211


                   I.  CHANGE IN NUMBER OF SHARES OUTSTANDING
            Indicate any change (increase or decrease) of 5% or more 
                      in the number of shares outstanding :

1.   Title of security      Common Stock, par value $1 per share                
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2.   Number of shares outstanding before the change        3,565,868      
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3.   Number of shares outstanding after the change         4,899,201      
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4.   Effective date of change                  June 28, 1996              
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5.   Method of change     Private placement of restricted common stock    
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Give brief description of transaction

     Effective June 28, 1996, the Company sold 1,333,333 of restricted common
stock at an offering price of $1.50 per share through a private placement.  The
$1.9 million net proceeds of the sale (after the expenses of the offering) will
be used for general corporate purposes. 

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<S>                                  <C>
Date:  July 9, 1996                    \s\ R. Wayne Diesel               
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                                       R. Wayne Diesel                   
                                       President and Chief Executive Officer
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