Nanotechnology Now





Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Altairnano enters into supply agreement and receives purchase order from Phoenix Motorcars

Abstract:
Altair Nanotechnologies Inc. (Nasdaq: ALTI) announced today it received a purchase order for its NanoSafe 35 KWh battery pack systems from California-based Phoenix Motorcars for $1,040,000 for battery pack systems scheduled for delivery in February and March 2007. In addition, the company announced it has entered into a multi-year purchase and supply agreement with Phoenix under which Phoenix has projected orders for 2007 between $16 and $42 Million for up to five hundred battery pack systems.

Altairnano enters into supply agreement and receives purchase order from Phoenix Motorcars

Reno, NV | Posted on January 9th, 2007

The initial order of battery pack systems, valued at $1,040,000, is scheduled for delivery to Phoenix in February and March 2007, and additional shipments of increasing value are planned throughout the 2007 calendar year. Depending on Phoenix's level of demand, the entire projected order for NanoSafe battery pack systems may be shipped to Phoenix in calendar year 2007. Under the terms of the multi-year purchase and supply agreement, Phoenix will purchase all battery packs for its electric vehicles from Altairnano.

In consideration for a three-year exclusivity agreement within the U.S., Altairnano received a 16.6 percent ownership in the company. The three-year exclusivity agreement provides Phoenix with limited, exclusive use of Altairnano's NanoSafe battery packs in four-wheel, all-electric vehicles having a gross weight up to 6,000 pounds. Phoenix must meet minimum battery pack purchases, annually, to maintain the limited exclusivity agreement. The minimum commitment to maintain exclusivity for 2007 would provide $16 Million in battery pack sales to Altairnano. Altairnano's NanoSafe battery packs manufactured for hybrid electric vehicles (HEVs) and plug-in electric vehicles (PHEVs) are excluded from the exclusivity agreement.

Altairnano's NanoSafe 35 KWh battery pack systems enable Phoenix SUTs to meet California's Air Resources Board Type III Zero Emission Vehicle (ZEV) standards while providing power for a driving range of 135 miles and driving speeds of up to 100 miles per hour. The NanoSafe battery pack can be recharged in less than 10 minutes at fast-charge stations.

Phoenix Motorcars' market strategy targets operators of fleet vehicles, such as public utilities, public transportation providers, and delivery services. This market presents a significant opportunity as there are more than 200,000 fleet vehicles in the State of California alone, with an increasing number of fleet operators now seeking freeway-capable, zero emission, all electric vehicles. The Phoenix SUT and SUV vehicles are the only all-electric vehicles currently on the market capable of meeting California's Type III ZEV requirements.

"This order is a significant milestone for Altairnano as we continue to bring our product technologies to market," said Alan J. Gotcher, Ph.D., Altair Nanotechnologies' President and Chief Executive Officer. "The agreement with Phoenix validates our partnership-based business strategy and continues to demonstrate that Altairnano's technology provides unmatched product performance for unmet market needs."

"The market opportunity for freeway-ready, all-electric, zero-emission vehicles is growing daily," said Phoenix Motorcars CEO Daniel J. Elliott. "Having a best-in-class company such as Altair Nanotechnologies as an equity owner and as a provider of safe, powerful, fast-charging battery packs, will be a major driver for our growth," added Elliott.

####

About Altairnano
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. Altairnano's leading edge scientists are complemented by a seasoned management team with substantial experience in commercializing innovative, disruptive technologies. 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. For more information visit: http://www.altairnano.com .

About Phoenix Motorcars, Inc.

Phoenix Motorcars Inc., headquartered in Ontario, California, has been an industry leader in the development of battery electric freeway speed vehicles since 2001. The mission of Phoenix Motorcars is to manufacture zero emission vehicles including Sport Utility Trucks and Sport Utility Vehicles to reduce the toxic emissions from the largest contributor to air pollution, personal automobiles. For additional information visit: http://www.phoenixmotorcars.com .

Forward-Looking Statements

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 and uncertainties include, without limitation, the risks that Phoenix will not order vehicles as projected, or at the minimum levels required, under the supply agreement; that producers of electric vehicles and hybrid electric vehicles will not adopt Altairnano's nano-Titanate battery technology for various reasons, including possible concerns as to whether the power, driving range, cycle life and other characteristics of the battery technology are suitable for electric or hybrid electric vehicles, or about the design of Phoenix Motorcars' SUTs and SUVs, and other vehicles incorporating the technology; that key commercial partners working with Altairnano on commercial uses for the nano-Titanate battery may proceed slowly with, or abandon, commercialization or marketing efforts; and that even if full commercialization occurs, sales may not reach expected levels for one or more reasons, including failure of end products to perform as expected, the introduction of a superior product or the withdrawal from the project of key commercial partners. In general, Altairnano is, and expects to be in the immediate future, dependent upon funds generated from sales of securities, grants, testing agreements, and licensing agreements to fund its testing, development and ongoing operations. In addition, other 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.

For more information, please click here

Contacts:
Terry Banks
Fleishman-Hillard
Senior Vice President
202.828.9710

Copyright © Altairnano

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Investments/IPO's/Splits

Harris & Harris Group Portfolio Company, AgBiome, Announces Partnership to Accelerate the Discovery of Next Generation Insect-Resistant Crops July 1st, 2015

Nanometrics to Participate in 7th Annual CEO Investor Summit 2015: Investor Event Held Concurrently With SEMICON West in San Francisco June 25th, 2015

Harris & Harris Group Portfolio Company D-Wave Systems Announces 1,000 Qubit Processor and is Discussed in the Economist June 23rd, 2015

Nanowire LED Innovator Aledia Completes $31 Million Series B Financing June 18th, 2015

Announcements

A 'movie' of ultrafast rotating molecules at a hundred billion per second: A quantum wave-like nature was successfully observed in rotating nitrogen molecules July 4th, 2015

New Biosensor Produced in Iran to Detect Effective Drugs in Cancer Treatment July 4th, 2015

Clues to inner atomic life from subtle light-emission shifts: Hyperfine structure of light absorption by short-lived cadmium atom isotopes reveals characteristics of the nucleus that matter for high precision detection methods July 3rd, 2015

Pioneering Southampton scientist awarded prestigious physics medal July 3rd, 2015

Automotive/Transportation

June 29th, 2015

Buckle up for fast ionic conduction June 16th, 2015

A protective shield for sensitive catalysts: Hydrogels block harmful oxygen June 15th, 2015

Slip sliding away: Graphene and diamonds prove a slippery combination June 10th, 2015

Human Interest/Art

Renishaw's inVia confocal Raman microscope system is being used in conservation activities at the Rijksmuseum in Amsterdam, the Netherlands June 16th, 2015

New sensing tech could help detect diseases, fraudulent art, chemical weapons June 1st, 2015

INSIDDE: Uncovering the real history of art using a graphene scanner May 21st, 2015

Winner Announced for NNI’s First ‘EnvisioNano’ Nanotechnology Image Contest May 6th, 2015

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

New micro-supercapacitor structure inspired by the intricate design of leaves: A team of scientists in Korea has devised a new method for making a graphene film for supercapacitors July 2nd, 2015

Samsung's New Graphene Technology Will Double Life Of Your Lithium-Ion Battery July 1st, 2015

June 29th, 2015

X-rays and electrons join forces to map catalytic reactions in real-time: New technique combines electron microscopy and synchrotron X-rays to track chemical reactions under real operating conditions June 29th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project