Mechanical Technoloogy looking to raise $23 million

Mechanical Technology Inc. said in a regulatory filing that it expects to raise between $23 million and $26.5 million in a stock and warrant sale. The filing was made last week with the Securities and Exchange Commission. The Colonie-based company said it will use most of the proceeds to commercialize its Mobion micro fuel cell for handheld electronic devices. The calculation is based on the sale of 7 million units that consist of stock and warrants, plus about 1 million units for overallotm