SOURCE: Altair Nanotechnologies Inc.
RENO, NV--(Marketwire - Sep 11, 2012) - Altairnano (NASDAQ: ALTI) today announced it had signed an agreement with Shenhua Science & Technology (Shenhua S&T) and its research affiliate, the National Institute of Clean and Low-carbon Energy (NICE), to jointly develop, deploy and promote industrial applications of lithium titanate-based energy storage systems in China. Shenhua S&T and NICE are both subsidiaries of the Shenhua Group, which is the world's largest producer of coal, and the largest integrated energy company in China.
The companies signed a memorandum of understanding (MOU), which calls for the launch of a pilot project to deploy and test an Altairnano ALTI-ESS Advantage System at one of Shenhua's wind farms in China. Under the terms of the MOU, the parties have formed a joint working group, which will define the scope of the pilot project. Key goals of the pilot project include the development of ancillary services for the grid, the storage of electricity in off-peak hours, especially from renewable sources of energy, and grid stabilization.
"Shenhua is interested in ways Altairnano's technology can be used to develop operational experience to facilitate the rapid expansion of energy storage in these applications. Ultimately, the project is designed to test, validate and optimize performance of energy storage systems in China by exploring ancillary services such as frequency regulation, off-peak energy storage and microgrid stabilization," explained Alexander Lee, CEO of Altairnano.
"Altairnano is pleased to work with a company like Shenhua, who concluded that our technology and knowledge of electric grid energy storage systems is well positioned to meet their aggressive growth targets," said Lee. "This agreement sets the foundation for rapid commercialization within China."
The newly launched ALTI-ESS Advantage, which uses Altairnano's patented nano-lithium-titanate technology, is ideal for high-power applications because of its ability to rapidly charge, store and discharge energy back into the grid. The company anticipates that the ALTI-ESS Advantage System will play a key role in the joint pilot project with Shenhua S&T and NICE.
About Altairnano, Inc.
Altairnano is a leading provider of high-power, energy storage systems for the electric grid, industrial equipment and transportation markets. The company's lithium titanate technology is built on a proprietary nano-scale processing technology that creates high-power, rapid-charging battery systems with industry-leading performance and cycle life. Altairnano is headquartered in Reno, Nevada and maintains operations in Anderson, Indiana; Zhuhai, China; and Wu'an, China. For additional information, please visit: www.altairnano.com.
About Shenhua Science & Technology
Shenhua Science & Technology is a subsidiary of the Shenhua Group, which is an integrated energy enterprise with businesses involved in coal production, electricity generation, railway transport, ports, shipping, coal-to-liquids and coal-to-chemicals, as well as a complete supply chain covering production, transportation and trade. Shenhua Group is the largest coal supplier in the world, and it has over 42,830 MW of power generation capacity. Shenhua is headquartered in Beijing, and was ranked 293 on the Fortune Global 500 in 2011.
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 Altairnano'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. In addition, other risks are identified in Altairnano's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. Altairnano expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altairnano expectations or results or any change in events.