Mechanical Technology, Incorporated, (OTCQB: MKTY), the parent company of MTI Instruments, Inc. and EcoChain, Inc., a cryptocurrency mining business powered by renewable energy, announced today that its Board of Directors has appointed Aly Madhavji as a member of the Board, effective immediately. MTI's Board of Directors now has eight members, including Mr. Madhavji. Mr. Madhavji will be placed in the class of directors with a term that will expire in 2022.
Mr. Madhavji is the Managing Partner at Blockchain Founders Fund. He also consults leading organizations, such as the United Nations, on emerging technologies. Mr. Madhavji is a Limited Partner at Loyal VC and Draper Goren Holm, an award-winning author, a Senior Blockchain Fellow at INSEAD and recognized as a "Blockchain 100" Global Leader by Lattice80. He holds a Bachelor of Commerce from the University of Toronto, a Master of Business Administration from INSEAD and a Master of Global Affairs, as a Schwarzman Scholar, from Tsinghua University.
Michael Toporek, CEO of MTI, commented, "Mr. Madhavji's knowledge and passion for emerging technologies will be a valuable asset to our Board as we work to grow and scale the Company's EcoChain cryptocurrency mining facilities. His expertise and key relationships with blockchain start-ups and consulting with companies and government agencies will also be a great resource for MTI and we welcome him to MTI and the Board."
Aly added, "EcoChain's business model to develop cryptocurrency mining facilities powered by renewable energy is an impressive application of leading-edge technologies. I am thrilled to join the Board and contribute my insight to the successful buildout of the business plan."
MTI is the parent company of MTI Instruments, Inc. and EcoChain, Inc. Through MTI Instruments, MTI is engaged in the design, manufacture and sale of test and measurement instruments and systems that use a comprehensive array of technologies to solve complex, real world applications in numerous industries, including manufacturing, electronics, semiconductor, solar, commercial and military aviation, automotive and data storage. Through EcoChain, MTI is developing cryptocurrency mining facilities powered by renewable energy that integrate with the blockchain network. For more information about MTI, please visit https://www.mechtech.com.