Item 8.01 Other Events.

On January 20, 2021, Mechanical Technology, Incorporation (the "Company") issued a press release outlining a corporate update following on its Shareholder Letter of December 23, 2020. The contents of the press release and update are as follows:

Today's announcement of an agreement to acquire land is an important step in the Company's plan to build an ultra low-cost green data center that will fulfill the Company's goal of becoming an ultra capital efficient data center operator.

The Company anticipates that the site, which is located in the Southeast United States, represents a critical step in its strategic roadmap to grow its EcoChain business. The Company has set an objective to complete construction of a 25MW data center that will be operational in the fourth quarter of 2021.

We expect this site will be the template for future greenfield and brownfield site builds, with a keen focus on operating and capital efficiency.

In cooperation with our technical partners at Soluna, MTI continues to build a robust pipeline of green powered ultra low-cost locations. Our pipeline incorporates a blend of greenfield, brownfield and ready to operate projects.

"We are excited to be executing on our plan to build out at least 50MW by years end," commented Michael Toporek, CEO. Added Toporek: "We very specifically have set a target to have under our control and ramp up operations of 50MW of green powered ultra low-cost data center capacity by the end of the year." Concluded Toporek: "It was important for us to begin executing on our 2021 objectives early. Our team continues to work to meet or beat its targets."

Forward-Looking Statements

This Current Report on Form 8-K contain forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company's intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company's future activities, or future events or conditions. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks that may be included in documents that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.

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