RENO, NV -- (Marketwire) -- 05/11/11 -- Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI), today announced its nano lithium-ion titanate battery system would be used to advance research initiatives at LUT Energy of Lappeenranta University of Technology (LUT), the largest energy research and university-level education organization in Finland. LUT Energy works to find environmentally friendly, energy efficient solutions to problems at every point in the energy chain, from energy sources to end use fuels, energy generation technologies, electric power systems and markets, energy use and production processes.
In its quest to overcome present and future challenges in the energy sector, LUT Energy is exploring energy technologies associated with sustainable development, such as heavy duty hybrid vehicle technologies. For many projects, LUT will now use Altairnano's 700 volt energy storage solution, which employs twenty-seven 24 volt modules.
'We selected Altairnano's technology because it offers the very high power density heavy working machines need when a direct diesel drive is replaced by a diesel-electric hybrid drive,' said Prof. Juha Pyrhönen, LUT Energy.
Beyond innovations in industrial energy storage applications, Finland has an advanced standard electricity distribution system ripe for smart grid technologies. Altairnano's battery system will also be used to explore these forward-thinking solutions.
'Both heavy working machines and electricity distribution systems need efficient, high power density energy storage. We have a 300 kW test setup to emulate working machine cycles that will use the battery for energy storage. The same technology is used to research the smart grids concept. We can tame up to 500 kW short power peaks in the university network used for testing the smart grids concept at LUT,' explained Prof. Jarmo Partanen.
For Altairnano, the teaming is not only another opportunity to demonstrate its superior power and system performance -- the contract with LUT Energy represents the company's first demonstration project in Europe.
'We are pleased to support LUT as it develops and tests industrial and electric grid technologies that could one day shape the global energy industry,' said Terry Copeland, president and CEO of Altairnano, Inc. 'The fact that the project allows us entry into the European market is equally exciting.'
The system is anticipated to be operational by October 2011.
About Altairnano, Inc.
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano's nano lithium-ion titanate-based solutions are among the highest performing and most scalable, with applications that include complete energy storage systems for frequency regulation and renewables integration for the electric grid, and battery modules and cells for transportation and industrial applications. For more information, visit www.altairnano.com.
About LUT Energy
LUT Energy of Lappeenranta University of Technology is the largest energy research education organization in Finland. A total of nearly 200 people are working in energy-related research and teaching, 60 of which have a doctorate. About 130 Masters of Science in Technology and ten doctors graduate every year. For more information, visit www.lut.fi/lutenergy.
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. These risks and uncertainties include, without limitation, that Altairnano's batteries may not function as expected in the LUT test environment or that if they do operate as expected the test results may not be as positive as desired. In addition, other risks are identified in Altairnano's most recent Annual Report on Form 10-K and Annual 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.