RENO, NV -- 07/08/08 --
Altair Nanotechnologies Inc. (NASDAQ: ALTI), a
leading manufacturer of safe, high-performance lithium-titanate battery and
energy storage products, announced today the successful completion of a
demonstration and validation program for a two-megawatt 500 kilowatt-hour
battery system purchased by AES
Corporation (NYSE: AES).
The program was developed and validated by KEMA, Inc. and executed by AES
personnel and subcontractors. KEMA's testing showed the battery system
successfully met the program's milestones, which was conducted to
demonstrate the applicability of Altair's large platform technology to
frequency regulation, a key service currently provided by power plants to
the electric grid. This demonstration also suggests that the technology
could be used for several other utility applications.
"The positive AES results validate the immense opportunities in the utility
sector," said Terry Copeland, President and CEO for Altair
Nanotechnologies. "Our patented lithium titanate battery technology
represents a significant advancement in frequency regulation and can
provide utilities and generating companies with a valuable tool and
resource in the growing challenge of grid management."
"We are pleased with the results of the Altairnano units. This two megawatt
validation project is one of the final steps in our move towards commercial
deployment of grid-scale energy storage," said Chris Shelton, Director of
Energy Storage Development at AES. "Fast-responding, high-efficiency
energy storage systems such as these will create a more resilient grid and
allow for increased use of variable generating sources such as wind and solar."
The two-megawatt battery system was installed and operated at a substation
owned by Indianapolis Power & Light (IPL), an AES company. The system
contained two one-megawatt battery storage units each consisting of one
Altairnano 250 kilowatt-hour lithium titanate battery stack, AC-to-DC power
conversion system, HVAC units, a control system and transformers to connect
to the IPL grid. During the validation exercise the capacity of each unit
was tested by repeatedly charging and discharging at one megawatt for 15
minutes. In a second test, two megawatts of power from each of the units
were used to show the capability of paralleling two separate systems.
Additional testing included simulated frequency regulation, which involved
switching the units from charge to discharge at up to one megawatt of power
every four seconds for several hours. The KEMA summary report will be
available on Altair's website, www.altairnano.com and on the KEMA website
at www.kema.com.
In August 2007 AES Corporation and
Altair Nanotechnologies announced a joint development and equipment
purchase agreement. Under the terms of the agreement, the companies will
develop a suite of energy storage solutions. This first solution is a
modular unit designed to deliver in excess of one megawatt of power and 250
kilowatt-hours of energy per unit. Multiple units can be linked together in
systems to provide both more power and more energy storage.
Altair and AES are working together toward utilization of these systems to
provide more efficient management of energy quality, frequency control, and
real-time energy fluctuations in milliseconds at grid level. The battery
systems' extended cycle-life, high-efficiency, and power profile for the
continuous delivery of pulses of plus or minus one megawatt to the grid
differentiate Altair's battery storage system from other potential
solutions in the marketplace.
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is an innovator and supplier of advanced novel, ceramic
nanomaterials. A seasoned management team with substantial experience in
commercializing innovative, disruptive technologies, complements
Altairnano's leading edge scientists. 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. Altairnano is a leading manufacturer of advanced battery pack
systems, which are used in stationary power applications, and electric and
hybrid-electric vehicles. For more information visit: www.altairnano.com.
ABOUT THE AES CORPORATION
AES is one of the world's largest global power companies, with 2007
revenues of $13.6 billion. With operations in 29 countries on five
continents, AES's generation and distribution facilities have the capacity
to serve 100 million people worldwide. AES's 15 regulated utilities amass
annual sales of over 78,000 GWh, and their 123 generation facilities have
the capacity to generate more than 43,000 megawatts. The AES global
workforce of 28,000 people is committed to operational excellence and
meeting the world's growing power needs. To learn more about AES, please
visit www.aes.com or contact AES media relations at media@aes.com.
Forward-Looking Statements
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 include the
risk that AES will, for reasons related to the viability of the project or
other reasons, discontinue its support for the joint development project
discussed in this press release; that in future testing or real world
application, the energy storage systems will not be as durable or
responsive as anticipated or otherwise perform consistent with
specifications; and that even if the joint development project is
successful on a technical level, market demand will be limited or revenues
will otherwise be insufficient to cover associated development,
manufacturing and overhead costs. Additional 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.
For Additional Information:
Institutional Investors:
Altair Nanotechnologies Inc.
C. Robert Pedraza
Vice President, Corporate Strategy
775.856.2500
Email Contact
Individual Investors:
McCloud Communications, LLC
Marty Tullio
Managing Member
949.553.9748
Email Contact
