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Altair Nanotechnologies, Inc. (Altairnano) (NASDAQ: ALTI), a leading provider of energy storage systems for clean, efficient power and energy management, today announced it received a grant award of $100,000 from the Department of Energy under the Small Business Research and Small Business Technology Transfer programs. Research under the grant is expected to begin the week of June 20th and continue for a six month period.
Under the grant, Altairnano will conduct research relating to the surface modification of electrode coatings in battery cells with the objective of increasing temperature and cycle life performance by decreasing reaction rates with the electrolyte.
"This grant represents an important milestone in our work with the Department of Energy and demonstrates the agency's commitment to advancing domestic energy storage solution technologies," said Terry M. Copeland, Ph.D., Altairnano's chief executive officer. "Altairnano's energy storage and battery systems already perform at some of the highest temperature ratings and life cycles."
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 use and performance of the battery modules referenced in this release will differ from those anticipated because of use, configuration, environmental and other factors within the control of Proterra or purchasing municipalities or that exist in real-world usage that were not anticipated in a testing environment; that full commercialization of the advanced lithium ion-based batteries and related products 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 because of design, materials or configuration issues within the control of Altairnano; that even if full commercialization occurs, product sales may be limited and costs associated with production may exceed revenues; and that Altairnano may experience unexpected additional delays in securing purchase orders and, as a result, will not experience anticipated revenue growth. 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.
About Altair Nanotechnologies
Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Going beyond lithium ion, Altairnano's Lithium-Titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, battery modules and cells for mass transit applications, and battery packs for several different military applications. For more information please visit Altairnano at www.altairnano.com.
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Brion D. Tanous
CleanTech IR, Inc.
CleanTech IR, Inc.
Vice President - Marketing & Sales
Altair Nanotechnologies, Inc.
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