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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): February 10, 1999
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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.
Plug Power, LLC ("Plug Power"), a joint venture between Mechanical
Technology Incorporated and DTE Energy Company, recently finalized a series
of agreements with GE On-Site Power ("GEOSP"), a wholly-owned subsidiary of
General Electric Company which is controlled by the GE Power Systems Division,
to create a joint venture company, GE Fuel Cell Systems ("GEFCS"), to
distribute Plug Power fuel cell systems worldwide. The agreements provide that
GEFCS will market, sell, install and service Plug Power designed and
manufactured fuel cells for residential and small commercial power applications
on a exclusive basis. The size of the units will range up to 35kW and all units
sold will contain both the GE and Plug Power brand name. The agreements require
Plug Power to meet certain defined quality, price, engineering, design and
production standards. GEOSP will own 75%, and Plug Power will own 25%, of
GEFCS. In addition, GEOSP now owns approximately 10% of Plug Power, with
options to purchase approximately an additional 10%. GEOSP's interest in Plug
Power will be reduced if GEFCS is terminated prior to the end of its initial
5-year life or if GEFCS does not meet specified financial obligations. As part
of the agreements, Plug Power will work closely with GE's Corporate Research &
Development Center. Implementation of the transactions contemplated by the
agreements requires adoption of a product development schedule and execution of
additional agreements with GE's Corporate Research & Development Center.
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: February 10, 1999 By: /s/ Cynthia A. Scheuer
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Cynthia A. Scheuer
Chief Financial Officer
