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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 29, 1997
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Mechanical Technology Incorporated
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(Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation or organization)
0-6890 14-1462255
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(Commission File Number) (I.R.S. Employer Identification No.)
968 Albany-Shaker Road, Latham, New York 12110
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 785-2211
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Item 5. Other Events.
On May 29, 1997, the Registrant executed a Letter of Intent with
Edison Development Corp. ("EDC"), a subsidiary of DTE Energy Co..
Pursuant to the Letter of Intent, the Registrant agreed to enter into a
joint venture with EDC in order to further develop certain of
Registrant's discoveries in connection with a Proton Exchange Membrane
Fuel Cell. In exchange for EDC's cash contribution to the joint
venture, the Registrant will contribute certain assets that currently
comprise the fuel cell research and development section of the
technology division. The Letter of Intent is contingent upon the
Registrant obtaining certain consents and transferring certain assets
to the joint venture. A final agreement is expected by late June.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MECHANICAL TECHNOLOGY INCORPORATED
Date: May 29, 1997 By: /s/ R. Wayne Diesel
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R. Wayne Diesel
Chief Executive Officer
