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Posted: January 2, 2008
Altair Nanotechnologies Completes Manufacturing of Battery Packs for Two Megawatt Battery System on Schedule
(Nanowerk News) Altair Nanotechnologies, Inc. (NASDAQ: ALTI), a leading manufacturer of safe, high-performance lithium-titanate battery and energy storage products announced today that it completed on schedule in December the manufacturing of battery packs to be used in a two (2) megawatt energy storage system ordered by the AES Corporation. The $1 million purchase initiated by AES was previously announced in August 2007. Altairnano expects the system to be connected to the grid and tested during the first quarter of 2008.
"This is a significant manufacturing milestone in Altairnano's battery and energy storage go-to-market strategy," said Altairnano President and CEO Alan J. Gotcher, PhD. "We believe that stationary power represents a large market opportunity for Altairnano, and are proud to be working with global power leader AES to develop these large-scale energy storage systems."
Earlier this year, AES and Altairnano announced a joint development and equipment purchase agreement related to Altairnano's battery and energy storage products. Under the terms of the agreement, the companies will jointly develop a suite of energy storage solutions specifically for AES. Altairnano is working with AES to apply these systems at strategic points within the electrical grid. The quick response time, extended life and power profile of the Altairnano batteries and energy storage products are well suited to improving performance in these areas with the potential for lower environmental impact than traditional generation solutions.
About Altair Nanotechnologies
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team, with substantial experience in commercializing innovative, disruptive technologies, complements Altairnano's leading edge scientists. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. Altairnano is a leading manufacturer of advanced battery pack systems, which are used in stationary power applications, and electric and hybrid-electric vehicles. For more information visit: www.altairnano.com.
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include the risk that AES will, for reasons related to the viability of the project or other reasons, discontinue its support for the joint development project discussed in this press release; that, in future testing or real world application, the energy storage systems will not be as durable or responsive as anticipated or otherwise perform consistent with specifications; and that even if the joint development project is successful on a technical level, market demand will be limited or revenues will otherwise be insufficient to cover associated development, manufacturing and overhead costs. Additional risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.