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Altair Nanotechnologies executes joint development and equipment purchase agreement with AES Corporation for advanced energy storage products
Altair Nanotechnologies is jointly developing energy storage solutions to improve the electric grid
Altair Nanotechnologies Inc. (NASDAQ: ALTI), a leading manufacturer of safe, high-performance NanoSafe™ battery pack products and energy storage products announced today that it has finalized a joint development and equipment purchase agreement related to Altairnano's battery technology and energy storage products with global power leader AES Corporation (NYSE: AES). AES is one of the world's largest power companies, with operations in 28 countries on five continents. AES's generation and distribution facilities have the capacity to serve 100 million people worldwide.
Earlier this year, AES completed a $3 million strategic investment in Altairnano.
Under the terms of the deal, Altairnano and AES will jointly develop a suite of energy storage solutions specifically for AES. These energy storage products are expected to deliver in excess of 1MW of power and 500 KWh of energy. Altairnano is working with AES to apply these products and systems at strategic points within the electrical grid to more efficiently deal with congestion, peak energy consumption, and real-time fluctuations in electricity demand. 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 lower environmental impact than traditional generation solutions.
Delivery to AES of the prototype Altairnano energy storage products is scheduled for the end of the year.
"This agreement demonstrates the unique product performance of Altairnano's technology to improve the operation of the electrical grid, one of the most critical infrastructures in the world," said Altairnano President and Chief Executive Officer, Alan J. Gotcher, PhD. "We are very proud to work with the AES Corporation in these market applications and we look forward to jointly creating solutions for their businesses around the globe."
About Altair Nanotechnologies
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. 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: <http://www.altairnano.com/>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 development of the energy storage systems with AES may be delayed or cancelled because of technical obstacles, disruptive events or shifts of corporate focus by either company and that following the development and delivery of prototype storage systems to AES, additional purchases by AES or third parties may be limited due to competition, performance issues or other factors affecting demand. 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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