SOURCE: Altair Nanotechnologies Inc.
RENO, NV--(Marketwire - Oct 3, 2012) - Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI) today announced it had been selected by Uriel Renewables Inc. and Coqui Power LLC, a joint development effort for the deployment of solar photovoltaic projects in Puerto Rico, together with TSK Solar, a leading energy EPC contractor and engineering firm, to provide an advanced battery energy storage system for a renewable integration project at the San Fermin 26 MW photovoltaic solar farm in Loiza, Puerto Rico.
Altairnano will provide a 2 megawatt (MW) ALTI-ESS Advantage advanced energy storage system to provide frequency regulation and ramp-rate control. The system will satisfy the technical requirements established by the Puerto Rico Electric Power Authority (PREPA). Altairnano will deliver, install and commission the system before Dec. 31, 2012.
The ALTI-ESS Advantage is Altairnano's newest product for the electric grid market. Building upon the success of its 1 MW ALTI-ESS, the Advantage system provides twice as much power in a container almost 25 percent smaller, and can achieve peak power of 3.6 MW. The batteries are housed in a standard forty (40) foot container that also includes fire safety, heating and cooling, and computer systems necessary to safely and economically operate the system. Using Altairnano's proprietary nano-lithium-titanate chemistry, the batteries are able to last four to six times longer than competitive products, while providing the high-power rapid charging capabilities that are required for frequency regulation. The Advantage was engineered from the ground up to cost significantly less than the product it replaced, creating compelling economic advantages for a diverse range of electric grid applications.
The ALTI-ESS Advantage will provide ramp-rate control for smoothing the power fluctuations associated with photovoltaic applications in addition to frequency regulation required by PREPA.
"It is exciting to work for this project in Puerto Rico with global energy developer Uriel Renewables and its local partner Coqui Power," said Alexander Lee, Altairnano CEO. "Puerto Rico is rapidly expanding the use of photovoltaic and wind power to meet their energy needs, and the ALTI-ESS Advantage is a terrific product for these installations. TSK Solar brings the engineering and technical capabilities necessary to make this a successful project," added Lee.
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 Uriel Renewables, Inc.
Uriel Renewables Inc. is the U.S. subsidiary of the Spanish Uriel Inversiones S.A. Group of Companies for the development of renewable energy projects in the Americas. Having been involved in the development, construction, commissioning and operation-ownership of numerous projects and with an overall experience well in excess of 25 years, Uriel currently holds financial interests in the following areas of the renewable energy industry: small hydro, wind energy, concentrated solar power, solar photovoltaic, waste-to-energy landfill biogas and bioethanol.
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.