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Altair Nanotechnologies Inc. (ALTI) Announces Module Completion as Part of Multi-Million Dollar Contract with U.S. Navy

Altair Nanotechnologies Inc. (Nasdaq: ALTI) provides novel ceramic nanomaterials applicable to a diverse line of fields, including alternative energy, life sciences and performance materials markets. The company today announced the completion of the 500th full-depth cycle of a unique lithium titanate battery designed and developed for the U.S. Navy, as part of its multi-million dollar contract with the Navy.

Altair’s $2.5 million contract is funded in part by the Navy, as well as $5 million approved by Congress for fiscal year 2008. As part of the “Mark 0, Characterization Module,” the Navy tests Altair’s batteries to reveal their unique properties.

“This is an important milestone in our battery development,” Terry M. Copeland, Altair’s CEO stated in the press release. “Proving out our unprecedented battery technology for a large-scale operation like a Navy destroyer paves the way for a safe, less costly, and environmentally sustainable substitute for turbines that use increasingly costly imported oil.”

Altair’s battery was designed as an uninterruptible power supply (UPS) to generate enough power to get a second unit running. Using this technology, a vessel like the Navy’s destroyer could eliminate costs associated with the backup generator online.

“We are proud to be working with the U.S. Navy and assisting in the launch of a new battery backup system,” Copeland stated. “Given the number of ships to which Altair’s technology could be applied, this electrical storage and rapid power delivery system could reduce the Navy’s consumption of fuel by tens of millions of gallons each year. Once proven, our technology could be used by, not only the U.S. Navy, but commercial and foreign buyers.”

The company anticipates delivering a 1-megawatt battery-based energy storage demonstrator early next year.

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