Mechanical Technology, a publicly traded company headquartered in Albany, New York, announced that its Board of Directors has named Michael Toporek, an accomplished business builder and investor, as Chief Executive Officer of the Company, effective November 2, 2020. Mr. Toporek has been a board member of MTI since 2016.
As MTI’s new Chief Executive Officer his top priority will be to lead the transformation of MTI into an emerging growth company focused on renewable energy infrastructure. MTI’s sensors are in GE wind turbines, its instruments are being incorporated into manufacturing next generation electric vehicle batteries and through EcoChain, Inc. (“EcoChain“), MTI data centers will continue to be 100% powered by renewable energy and help utilities manage the power grid.
Toporek said, “We are fortunate to have a great instruments business that is intensely focused on its customers’ needs. It’s our job to expand the market opportunities for our instruments business in a responsible, capital efficient way. One of the most promising segments is the Electric Vehicle (EV) market.”
Toporek added, “Another area we expect to scale up significantly is our EcoChain business. After successfully implementing a pilot project to mine cryptocurrencies in Washington State, I plan to spend a significant portion of my time and energy growing EcoChain into one of the premier publicly held cryptocurrency mining companies 100% powered by renewable energy with a strong focus on capital efficiency and disciplined rate of return requirements.”
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David Michaels, Chairman of the Board, commented, “We are fortunate to have an executive with Michael’s significant leadership and financial skills leading MTI as we transform MTI into a growth company. I look forward to working closely with Michael as we implement the Company’s growth strategy”.
Moshe Binyamin, President of MTI’s Instruments business, MTI Instruments, Inc., said, “Michael and I have worked together since I joined the Company in August of 2019. His support and enthusiasm for our business is appreciated as we focus on meeting our customer needs and growing our addressable market.”
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