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June 8th, 2007
Despite the mounting costs of supplying the war, some Nevada research companies, such as Altair Nanotechnologies Inc. of Reno, still find new contracts. A $3.3 million contract this year to create a prototype battery for warships is the company's first deal with the Defense Department, chief financial officer Edward Dickinson said.
The company is research-based, hoping to find a market for its ultra-small "nanomaterials" that range from medicine and paints to batteries. It is traded on the Nasdaq and has not made a profit.
"This is a validation test for our new disruptive battery technology," said Evan House, who manages the Navy project. "Warships, in particular, run two generators continuously, one to supply energy and one as a backup. The fuel cost for the backups is staggering. That is one particular use for us."
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