SOURCE: Altair Nanotechnologies Inc.

November 19, 2008 09:45 ET

Altair Nanotechnologies to Receive Additional Federal Funding for Battery Deployment for Naval Vessel

RENO, NV--(Marketwire - November 19, 2008) - With President Bush's signing of the Continuing Resolution (CR) which contains appropriations for the Department of Defense, Altair Nanotechnologies Inc. (NASDAQ: ALTI), a leading provider of advanced materials and products for power and energy systems, and the United States Navy were granted an additional $4 million for the continued funding of a 2.5-Megawatt stationary power supply program. Total funds appropriated by Congress for Altairnano's naval battery program now total $12.5 million.

Altairnano's program with the United States Navy focuses on developing, testing, and deploying an Altairnano battery as an uninterruptible power supply (UPS) on Navy missile destroyers enabling single generator operations. The application, which utilizes the battery's long life cycle and broad temperature operating range, is anticipated to create a safe, less costly, and environmentally sustainable substitute for fuel turbines, resulting in an annual fuel cost savings in excess of $1.5 million per ship.

"By funding this project, Congress and the President recognize how our company can help meet three important objectives," said Terry Copeland, Ph.D., Altairnano's Chief Executive Officer. "It will reduce our dependence on foreign oil, cut greenhouse gas emissions, and ensure Navy ships have power when they most need it."

"The latest appropriation reflects the financial commitment necessary to successfully deploy and commercialize Altairnano's unique battery solutions on Navy vessels," added Copeland. "We are encouraged by the initial results of testing and look forward to sharing these results as soon as they become available."

About Altair Nanotechnologies Inc.

Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano is a leader in the creation and delivery of advanced materials and energy storage products. Going beyond lithium ion, Altairnano's Lithium-Titanate based battery products are among the highest performing and most scalable, with applications that include battery cells for military artillery, battery packs for hybrid vehicles and energy storage systems for large-scale stationary power services. 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 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 and uncertainties include, without limitation, the risks that development of the advanced lithium ion-based batteries and related products described herein will not be completed for technical, political, strategic or other reasons; that any products developed will not perform as expected in future testing or real-world applications; and that even if full commercialization occurs, product sales may be limited and costs associated with production may exceed revenues. In addition, other 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.

Contact Information

  • Institutional Investors
    C. Robert Pedraza
    Vice President Corporate Strategy
    Altair Nanotechnologies Inc.
    775.856.2500
    Email Contact

    Individual Investors
    Marty Tullio
    Managing Member
    McCloud Communications, LLC
    949.553.9748
    Email Contact