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U.S. Navy Plans Launch of First Battery Backup System for Naval Applications
Altair Nanotechnologies Inc. (NASDAQ: ALTI), a leading provider of advanced nanomaterials technology used in power and energy systems, life sciences and industrial applications, today announced the signing of a $2.5 million contract with the United States Navy for the development of battery backup power systems in Naval applications.
Under the terms of the contract, Altair will develop an optimized battery cell employing its nano-sized lithium titanate (n-LTO) electrode materials and then demonstrate the performance and safety attributes of the cell. Altair will also develop and demonstrate a modular system design for utilization of the product technology in multiple military applications, including energy and power storage for Naval applications. The $2.5 million contract is funded as part of a $3.3 million United States Navy program that includes independent product testing by the Navy.
"This is a validation test program for our new disruptive battery technology," said Altairnano CEO and President Alan J. Gotcher, Ph.D. "We are proud to be working with the U.S. Navy and assisting in the launch of a new class of battery backup systems for its fleet performance application. Warships, in particular, run two generators continuously, one to supply energy and one to provide a backup energy source. The fuel cost for the backup is staggering. We look forward to working with the Navy team in developing and commercializing our product technology."
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.
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 advanced lithium ion-based batteries described herein will not be completed for technical, political, strategic or other reasons; that any products developed will not perform as expected in future testing or real-world applications; and that even if full commercialization occurs, products sales may be limited and costs associated with production may exceed revenues. 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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