Altair Nanotechnologies Announces Successful Grid Interconnection and Operation of Two-Megawatt Battery System
Grid-Scale Validation Expected to Open New Markets in the Utility Sector for Altair's Battery Technology
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 firstname.lastname@example.org.
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