Ardour Capital Re-iterates Its Buy Ratings On FuelCell Energy, Mechanical Technology, And American Superconductor

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Ardour Capital Investments, a New York based Investment Bank and a leading research institution in the Energy Technology/Alternative Power sector, announced today that it reiterated its Â?BuyÂ? ratings on FuelCell Energy, Inc. (FCEL/NASDAQ), Mechanical Technology, Inc. (MKTY/NASDAQ), and American Superconductor Corp. (AMSC/NASDAQ).

Ardour Capital Investments, a New York based Investment Bank and a leading research institution in the Energy Technology/Alternative Power sector, announced today that it reiterated its “Buy” ratings on FuelCell Energy, Inc. (FCEL/NASDAQ), Mechanical Technology, Inc. (MKTY/NASDAQ), and American Superconductor Corp. (AMSC/NASDAQ).

Analyst Walter Nasdeo explained the reasoning behind his moves was related to recent significant news from each of the three companies. “FuelCell Energy reported a stronger than expected fourth quarter, Mechanical Technology shipped its first commercial micro-fuel cell product and American Superconductor reported impressive gains in the development of its 2G Superconducting wire, Nasdeo said.” The firm is also maintaining its current price targets of $17.50 on FCEL, $7.50 on MKTY, and $18.00 AMSC.

Nasdeo went on to comment, “for the quarter, FCEL’s total revenues were right in line with our expectations, however product revenues were 10% higher than we anticipated and the Company’s strong balance sheet gives us quite a bit of comfort.” As of October 31st, 2004, cash and marketable securities on hand totaled $152 million and is currently over $240 million by netting proceeds from its November 2004 preferred stock sale of $93.5 million.

Nasdeo stated he was “encouraged by MKTY’s determination to meet its proposed deadline of shipping the first units of the Mobion™ product line by the end of the year. The Mobion™ micro-fuel cell technology allows for instant cord-free recharging, by installing a replaceable fuel cell cartridge, and it will exhibit extended run times between charges from three to five times longer than that produced by current Li-Ion batteries.”

As for Amercian Superconductor, “we feel that AMSC’s development of its 2G HTS wire will enable the Company to attract new business for its HTS business segment particularly in the military sector and that a ramp up in orders for its 2G product line could begin by the end of 2005,” Nasdeo said.

About Ardour Capital Investments, LLC

Ardour provides a wide range of financial services for both public and private growth companies. Ardour supplies investors specializing in small capitalization growth companies an independent brand of research not traditionally found within the securities industry. Ardour has made a commitment to be a leading research institution in the Energy Technology/Alternative Power sector.

Contact Information:

Walter Nasdeo - 212-375-2958

Director of Research

Brian Greenstein - 212-375-2956

Managing Partner

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