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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): June 5 , 2000
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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.)
30 South Pearl Street, Albany, New York 12207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 433-2170
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Item 5. Other Events.
Below is a press release issued by Mechanical Technology, Inc. on June 1, 2000,
announcing its $6 million investment in Beacon Power Corporation for
approximately 8% of Beacon's outstanding shares.
FOR IMMEDIATE RELEASE FOR: Mechanical Technology, Inc.
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CONTACT: Judith A. Barnes
Vice President/Chief Marketing Officer
Mechanical Technology, Inc.
Telephone (518)433-2170
MECHANICAL TECHNOLOGY, INC. ANNOUNCES
LATEST INVESTMENT IN NEW ENERGY COMPANY
(Albany, N.Y., June 1, 2000) Mechanical Technology, Inc. (NASDAQ: MKTY)
announced today that it had invested $6 million in Beacon Power Corporation
in exchange for approximately 8% of Beacon's outstanding securities.
George C. McNamee, Chairman of Mechanical Technology, stated, "We have been
called `the power behind new energy,' and our investment with Beacon is yet
another example of our commitment to helping develop new energy technologies
and companies."
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Beacon is involved in the design and development of a flywheel energy storage
system to provide uninterruptible power and power quality management. Beacon
was founded by SatCon Technology Corporation (NASDAQ: SATC), which manufactures
and sells power and energy management products, and which will continue to be
a significant shareholder.
David Eisenhaure, SatCon's President and Chief Executive Officer, says, "We
believe that the support of such an impressive list of investors validates
our vision that Beacon's flywheel energy storage systems can be an
environmentally friendly alternative to batteries."
The $6 million investment by Mechanical Technology was matched by $6 million
each from GE Capital and Perseus Capital. In addition, the Beacon Group
invested $4.5 million and DQE Enterprises, Penske, and the Micro-Generation
Fund each invested $2.0 million. The total equity amount of $28.5 million
will be used to fund early stage production and commercialization of Beacon's
flywheel energy storage system.
McNamee stated, "We see our role as helping to support the development of new
energy companies in a variety of ways. Our goal is to solidify our reputation
as a leader in the field with a carefully planned diversification of our
interests and holdings."
As part of its strategy of investing in and incubating new energy companies,
Mechanical Technology entered into a strategic alliance with SatCon in 1999,
and in 1997 entered into a joint venture with DTE Energy (NYSE: DTE) to
create Plug Power, Inc. (NASDAQ: PLUG), a leader in the U.S. fuel cell
industry. In addition, Mechanical Technology is the sole shareholder of
MTI Instruments, a manufacturer in the field of precision diagnostic and
sensing instruments.
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Statements made in this document that are not historical facts or which apply
prospectively are forward-looking statements that involve risks and
uncertainties. It is important to note that the Company's actual circumstances
could differ materially from those implied by such forward-looking statements.
Additional information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is contained
from time to time in the Company's SEC filings, including but not limited to
the 10-K and 10-Q. Copies of those filings are available from the Company
and the SEC.
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: June 5, 2000 By: /s/ Cynthia A. Scheuer
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Cynthia A. Scheuer
Vice President/Chief Financial Officer
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