Altairnano Signs Memorandum of Understanding With Shenhua Science & Technology and the National Institute of Clean and Low Ca...
September 11 2012 - 8:00AM
Marketwired
Altairnano (NASDAQ: ALTI) today announced it had signed an
agreement with Shenhua Science & Technology (Shenhua S&T)
and its research affiliate, the National Institute of Clean and
Low-carbon Energy (NICE), to jointly develop, deploy and promote
industrial applications of lithium titanate-based energy storage
systems in China. Shenhua S&T and NICE are both subsidiaries of
the Shenhua Group, which is the world's largest producer of coal,
and the largest integrated energy company in China.
The companies signed a memorandum of understanding (MOU), which
calls for the launch of a pilot project to deploy and test an
Altairnano ALTI-ESS Advantage System at one of Shenhua's wind farms
in China. Under the terms of the MOU, the parties have formed a
joint working group, which will define the scope of the pilot
project. Key goals of the pilot project include the development of
ancillary services for the grid, the storage of electricity in
off-peak hours, especially from renewable sources of energy, and
grid stabilization.
"Shenhua is interested in ways Altairnano's technology can be
used to develop operational experience to facilitate the rapid
expansion of energy storage in these applications. Ultimately, the
project is designed to test, validate and optimize performance of
energy storage systems in China by exploring ancillary services
such as frequency regulation, off-peak energy storage and microgrid
stabilization," explained Alexander Lee, CEO of Altairnano.
"Altairnano is pleased to work with a company like Shenhua, who
concluded that our technology and knowledge of electric grid energy
storage systems is well positioned to meet their aggressive growth
targets," said Lee. "This agreement sets the foundation for rapid
commercialization within China."
The newly launched ALTI-ESS Advantage, which uses Altairnano's
patented nano-lithium-titanate technology, is ideal for high-power
applications because of its ability to rapidly charge, store and
discharge energy back into the grid. The company anticipates that
the ALTI-ESS Advantage System will play a key role in the joint
pilot project with Shenhua S&T and NICE.
About Altairnano, Inc. Altairnano is a
leading provider of high-power, energy storage systems for the
electric grid, industrial equipment and transportation markets. The
company's lithium titanate technology is built on a proprietary
nano-scale processing technology that creates high-power,
rapid-charging battery systems with industry-leading performance
and cycle life. Altairnano is headquartered in Reno, Nevada and
maintains operations in Anderson, Indiana; Zhuhai, China; and
Wu'an, China. For additional information, please visit:
www.altairnano.com.
About Shenhua Science & Technology
Shenhua Science & Technology is a subsidiary of the Shenhua
Group, which is an integrated energy enterprise with businesses
involved in coal production, electricity generation, railway
transport, ports, shipping, coal-to-liquids and coal-to-chemicals,
as well as a complete supply chain covering production,
transportation and trade. Shenhua Group is the largest coal
supplier in the world, and it has over 42,830 MW of power
generation capacity. Shenhua is headquartered in Beijing, and was
ranked 293 on the Fortune Global 500 in 2011.
Forward-Looking Statement 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. In addition, other
risks are identified in Altairnano's most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q 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. Erin Witt 317-509-5968
ewitt@altairnano.com