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Altair Nanotechnologies Inc. (ALTI) Secures Agreement with Phoenix Motorcars Inc. to Fuel 47 Electric Vehicles

Altair Nanotechnologies Inc. provides advanced nanomaterials technology applicable to the energy, life sciences and industrial markets. The company today announced it has inked a new Principles of Agreement Letter with Phoenix Motorcars Inc., a developer of battery-electric, freeway-speed vehicles. The privately owned, Delaware-based company focuses on the manufacture of zero-emission vehicles.

So what do nanomaterials and electric vehicles have in common? According to the press release, Phoenix purchased 47 battery packs designed by Altair in 2007. The announced agreement calls for Altair to ship those packs to Phoenix for use exclusively in demonstration vehicles, terminating the current supply agreement between the two companies – thereby releasing each other from any claims under such agreement.

Exhaustive computer modeling studies conducted by Altair suggested the possibility of pack failure in some of the 47 batteries purchased by Phoenix last year. To nix the issue before it created a problem, Altair replaced the battery packs this year.

“We are pleased to have worked with Phoenix to resolve this concern in a timely and practical manner that allows them to use the original batteries with a simple safety system addition,” Altair CEO Terry Copeland, Ph.D. stated in the press release.

The switch didn’t faze Phoenix CEO Daniel Elliot, who said Phoenix will continue its working relationship.
“We look forward to getting the 47 vehicles on the road by October,” said Phoenix CEO Daniel J. Elliott. “Phoenix remains convinced that consumers will rapidly accept this new product based on its game-changing performance, especially given their necessary focus on gas prices and the country’s continued dependence on foreign oil. We are currently working with Altair to obtain battery modules for future vehicle production runs, and we are excited about our ongoing partnership.”

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