Altairnano Selected by El Salvador Utility to Provide 10 MW ALTI-ESS Advanced Battery System for Frequency Control
December 08 2010 - 6:00AM
Marketwired
Altair Nanotechnologies, Inc. (Altairnano) (NASDAQ: ALTI) (NASDAQ:
ALTID), today announced it had been selected by Inversiones
Energéticas, S.A. de C.V. (INE), one of El Salvador's largest
electric utilities, to provide a turn-key 10 Megawatt ALTI-ESS
advanced battery system for frequency control.
Altairnano has received a formal letter confirming that INE's
Board of Directors has approved the proposed purchase of the 10
Megawatt ALTI-ESS system and authorized its management to move
forward with negotiation of a definitive contract. Final contract
terms are expected to be completed prior to year-end with
construction of the system anticipated to begin in the first half
of 2011. Under the proposed agreement, Altairnano will have
responsibility for site preparation, system installation, training,
final testing and commissioning of the total solution. The system
will be located at INE's Talnique power station site.
The ALTI-ESS system, by providing frequency control for the
grid, enables INE to better utilize its electricity generation
facilities, while improving the overall electric grid reliability.
"After a careful review, we concluded that the Altairnano solution
provided the best means to improve our system reliability while
lowering overall costs," said Nicolas Salume, Executive President
of INE.
"Altairnano's ALTI-ESS advanced battery system provides an
economical solution for managing voltage and frequency
fluctuations, because of its ability to rapidly absorb energy from
the grid, and just as quickly discharge energy back into the grid,"
stated Terry Copeland, Altairnano President and Chief Executive
Officer. "We believe our lithium-titanate technology provides the
best performance and life cycle in the industry, and this
translates into the lowest total cost of operation for our
customers," he added.
About Altairnano, Inc. 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. 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. For more information
please visit Altairnano at www.altairnano.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 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 risk that a final
definitive agreement will not be executed or closed as a result of
a failure to agree on remaining terms, changes in circumstances or
other reasons; that despite strong superior life cycle, charge and
discharge results in testing, long-term commercial performance of
the ALTI-ESS will not be superior to that of competing products as
a result of unanticipated technical or performance issues, the
emergence of a superior technology or other reasons. In addition,
other risks are identified in Altairnano's most recent Annual
Report on Form 10-K 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.
MEDIA CONTACTS: Altairnano, Inc. Tom Kieffer Vice
President - Marketing and Sales (765) 356-0180 Email Contact
Institutional Investors Brion D. Tanous Principal CleanTech
IR, Inc. 310.541.6824 Email Contact Individual Investors Tom
Herbert Principal CleanTech IR, Inc. 310.541.6824 Email Contact
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