RENO, NV -- (Marketwire) -- 06/02/11 -- Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI), today announced it has been awarded a 3-year lease for its new ALTI-ESS Advantage 1.8 MW/ 300 kWh energy storage system.
The system will be leased by Energy Storage Holdings, LLC, a unit of a major U.S.-based energy company. The project, to be initially located in New Jersey, will evaluate energy storage technology for large-scale frequency regulation projects, and is expected to be installed in late 2011.
This project marks the debut of the ALTI-ESS Advantage, a 1.8 MW system targeted toward frequency regulation and fast-response applications demanding high power. The first major product release since the launch of the ALTI-ESS, the Advantage system packs more power while reducing the overall footprint of the installation, and reducing the delivered cost per kilowatt. The ALTI-ESS and ALTI-ESS Advantage will both be offered for the electric grid market based upon application requirements.
'We have understood for some time that the lithium-titanate chemistry and the design of our battery cells have far greater fast charge and discharge capabilities than demonstrated to date,' said Terry Copeland, Altairnano president and chief executive officer. 'Based upon our commercial experience in these markets, and the outstanding results of the ALTI-ESS, we are confident in raising the bar to this new level of performance.'
The ALTI-ESS has more than 2 years of commercial operation providing frequency regulation in the United States while demonstrating excellent reliability and uptime. Measurements taken at the time of installation, end of year one and end of year two, validated that the battery performance is consistent with the expected life of more than 20 years in this duty cycle.
To learn more about the ALTI-ESS Advantage and other Altairnano energy storage solutions, visit www.altairnano.com.
About Altairnano, Inc.
Headquartered in Reno, Nev. with offices and manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. 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, and battery modules and cells for transportation and industrial applications.
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, the risks that the order for the turnkey advanced battery system may not be completed because of technical, political, financial or other reasons; that even if the battery system is installed, it may not perform as expected for reasons related to the battery system, the power station into which it is installed, operational or maintenance failures or other reasons. 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.
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