June 4, 2002 — MesoSystems Technology Inc. in New Mexico said it has spun off a new company that will focus on developing miniaturized fuel cell components.
MesoFuel Inc. said it will use its microsystems expertise to generate hydrogen fuel safely and cheaply. Officials said overcoming obstacles of distributing and transporting hydrogen gas will break open the traditionally limited market for fuel cells, offering a clean energy alternative to oil and reducing U.S. dependence on foreign crude, according to news release.
Ned Godshall, former microsystems developer for Sandia National Laboratories, was named MesoFuel’s chief executive officer. As part of the spinoff, several employees were transferred from MesoSystems, where the fuel-cell technology was developed during the past two years.
Ardesta LLC, parent company of Small Times Media, invested $3 million in MesoSystems in early February.