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Altair Nanotechnologies Inc. (Nasdaq: ALTI), a leading provider of advanced nanomaterials technology used in energy, life sciences and industrial product applications, today announced it received a new order in the amount of $2,210,000 for its rapid-charge, high-power NanoSafeTM 35 KWh battery packs for use in sport utility trucks (SUTs) and sport utility vehicles (SUVs) manufactured by California-based Phoenix Motorcars, Inc.
The new product order brings Phoenix's total purchase commitment on Altairnano NanoSafe battery packs to $4,075,000. Altairnano has shipped more than $1,475,000 of its 35 KWh battery packs to Phoenix.
"Altairnano's innovative NanoSafe battery packs enables Phoenix Motorcars SUTs and SUVs not only to meet — but to exceed — performance specifications for the State of California's Type III Zero Emissions Vehicle," said Altairnano President and CEO Alan J. Gotcher Ph.D. "Altairnano has a shipment ready for delivery to Phoenix later this week. All the required down payments have been made, and we expect the additional order for $2.2M battery packs will be delivered on schedule."
Altairnano's 35 KWh NanoSafe packs provide sufficient power and energy for SUT and SUV vehicles to travel up to 130 miles with a top speed of over 100 miles per hour. NanoSafe battery packs can be recharged in less than 10 minutes using an industrial 480-volt battery-charging platform. NanoSafe battery packs can also be charged over longer periods of time when using typical 120 or 240 volt power sources. An on-board charger that is compatible with these lower voltage sources is standard equipment for both the Phoenix SUT and SUV vehicles.
"The quality, performance, safety and reliability of Altairnano NanoSafe battery packs is a critical element in our ability to advance in the marketplace," said Phoenix Motorcars' CEO Daniel J. Elliott. "Phoenix is committed to using only Altairnano's NanoSafe battery packs, and we intend on keeping our purchase and supply commitment to Altairnano."
About Altair Nanotechnologies Inc.
Altairnano is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team complements Altairnano’s leading edge scientists, 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 .
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 Motorcars will not make any additional orders under its supply agreement with Altairnano because of possible limitations on its working capital, possible limits on the demand for its SUV and SUTs, issues related to battery performance or vehicle performance or other possible reasons and that Phoenix will not comply with its contractual obligations with respect to existing orders. 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.
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Tom Laughran, Senior Vice President, 312-751-3519
McCloud Communications, LLC
Marty Tullio, Managing Members, 949-553-9748
Terry Banks, Senior Vice President, 202-828-9710
Altair Nanotechnologies Inc.
Ed Dickinson, Chief Financial Officer, 775-858-3750
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