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MTI Instruments, a subsidiary of Mechanical Technology (NASDAQ: MKTY), has launched the PBS-4100+ Portable Vibration and Balancing System, marking a significant advancement in aircraft engine maintenance diagnostics. The PBS Gen 4 is designed for commercial aviation, boasting a lightweight, portable design with a battery life of up to four hours. Key features include enhanced frequency range up to 25 kHz, advanced tachometer inputs for better diagnostics, and upgraded cybersecurity measures. This system aims to streamline vibration survey processes and improve user experience.
Mechanical Technology, Incorporated (NASDAQ: MKTY) announced that Saint-Gobain has chosen MTI Instruments to enhance its manufacturing research and development using non-destructive measurement technology. Saint-Gobain, facing challenges with slow and costly measurement processes, aims to improve the implementation rate of their projects, which is currently at only 30%. MTI's digital Accumeasure system, designed to measure foam density, has shown promising results, streamlining testing procedures and eliminating calculation time.
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), announced the acquisition of 11.2 Petahash of Bitcoin miners and 235 Gigahash of Litecoin miners, enhancing its cryptocurrency mining capacity. The total purchase price was $755 thousand, comprising $545 thousand in cash and $210 thousand in common shares. The new capacity is operational and features a negotiated power cost of $.023 per kWh. CEO Michael Toporek affirmed plans for a total of 50MW capacity by year-end 2021.
MTI Instruments, a subsidiary of Mechanical Technology, Incorporated (NASDAQ: MKTY), unveiled its groundbreaking Accumeasure HD system, capable of measuring distances as small as 69 picometers. This technology surpasses existing capacitance systems and laser interferometers, marking a significant advancement for industries requiring precise measurements, such as semiconductors and aerospace. The capabilities were validated by Kevin Harding's independent study, confirming picometer-level accuracy with 50-micron HD capacitive probes. MTI Instruments aims to integrate this technology into various applications, enhancing measurement accuracy across multiple sectors.
Mechanical Technology, Incorporated (NASDAQ: MKTY) reported a record net income of $1.9 million for the fiscal year ending 2020, marking a 500% increase over the previous year. Product revenue reached $9.0 million, up 37%, driven by successful sales of 52 PBS-4100+ systems to the U.S. Airforce. The EcoChain subsidiary also showed growth, generating $595 thousand for the year and $369 thousand in Q4, with an impressive 109% increase from Q3. MTI enjoyed a strong cash position of $2.6 million and uplisted to The Nasdaq Capital Market.
Mechanical Technology, Incorporated (OTCQB: MKTY) announced its common stock has been approved for listing on The Nasdaq Capital Market, effective March 23, 2021. This uplisting marks a significant milestone aimed at enhancing market visibility, liquidity, and attracting institutional investors. CEO Michael Toporek emphasized this achievement reflects their commitment to long-term shareholder value. MTI operates through subsidiaries, focusing on test and measurement instruments and developing renewable energy-powered cryptocurrency mining facilities.
EcoChain, Inc., a subsidiary of Mechanical Technology, Incorporated (MKTY), has announced a strategic update regarding its operations and growth initiatives. The company highlights a significant reduction in power costs to $0.023 per kWh, allowing it to leverage substantial discounts on data processing equipment. Its Washington mine is operating at 2.6MW, with expectations to return 100% of the capital invested by mid-2021. This aligns with the company's goal of optimizing returns on invested capital as it expands its cryptocurrency mining operations.
Mechanical Technology, Incorporated (OTCQB: MKTY) has appointed Aly Madhavji to its Board of Directors, effective immediately. Mr. Madhavji, a Managing Partner at Blockchain Founders Fund, brings extensive experience in emerging technologies and blockchain consulting. The Board now comprises eight members, with Madhavji's term expiring in 2022. CEO Michael Toporek emphasized Madhavji's potential to enhance the EcoChain cryptocurrency mining initiative, which focuses on renewable energy. This leadership change may facilitate future growth opportunities within the cryptocurrency sector.
Mechanical Technology, Incorporated (OTCQB: MKTY) announced the appointment of William Hazelip to its Board of Directors, effective immediately. This move aims to enhance the board's expertise as the company focuses on scaling its EcoChain cryptocurrency mining business powered by renewable energy. Hazelip brings extensive experience from the energy sector, including leadership roles at National Grid Ventures and Duke Energy. He is expected to contribute significantly to EcoChain's growth, which has potential partnerships generating $750 million and a projected future growth of $3 billion over the next decade.
MTI Instruments, a subsidiary of Mechanical Technology, announced that its training course for the PBS-4100+ engine vibration measurement system is now credit-eligible under the FAA's AMT Awards Program. Participants can earn up to 16 hours of credit, aiding them in achieving Bronze Award recognition. The course emphasizes hands-on learning and aims to enhance the proficiency of aviation maintenance technicians, ultimately improving engine uptime and safety by reducing post-maintenance vibration test times to two hours.
