Inc. (Altairnano) (NASDAQ: ALTI) today announced it has signed a long-term
supply agreement with Proterra Inc. to supply advanced lithium-ion battery modules
for incorporation into Proterra's all-electric and hybrid-electric buses. Altairnano's
technology enables these buses to completely recharge in under 10 minutes, providing
high levels of uptime and efficiency. Combined with industry-leading cycle life,
these batteries are ideally suited for the challenging operating conditions
experienced by commercial transit buses.
The initial purchase order of $4.6 million is for delivery of modules through
June 2011 with ongoing orders anticipated thereafter as Proterra continues to
gain customer traction and completes its state-of-the-art manufacturing facility
in Greenville, SC. This is a follow-on order to the two earlier orders announced
in August 2009 and April 2010.
"This purchase and supply agreement represents a significant milestone
and illustrates the growth opportunities present within the mass transit market,"
said Terry Copeland, President and Chief Executive officer of Altairnano. "This
transaction marks the culmination of more than two years of collaboration with
Proterra," continued Copeland. "The conclusion of Proterra's research
was that Altairnano's advanced lithium-ion battery modules are a perfect fit
for Proterra's transit bus application. We look forward to working together
to bring these new electric buses to market and delivering on the promise of
more cost effective and sustainable transportation solutions."
Under the terms of this new agreement Altairnano will supply advanced battery
modules for use in Proterra's electric and hybrid-electric buses being marketed
to municipalities and transportation authorities throughout the Americas and
Europe. The two companies will work closely together to drive down the overall
costs of the end product to the customer and add near-term credibility to the
promise of a greener, more energy independent nation in the mass-transit arena.
"About a year-and-half ago we focused the company on mass transit and
stationary power applications. We have been steadily building our sales pipeline
over the past year and a number of those opportunities are now coming to fruition,"
continued Dr. Copeland. "We are continuing to commercialize our battery
technology for the stationary power, transportation and defense markets in challenging
operating environments where safety, performance and long-life are valued."
"Incorporating Altair's battery technology is a key enabler for Proterra
to achieve its mission to deliver the only viable low-cost, zero emission battery
electric transit buses that are a viable one-for-one replacement for conventional
diesel buses," said Jeff Granato, Chief Executive Officer of Proterra.
"Proterra's products have never been more relevant given our current global
environmental and economic circumstances to decrease dependence on foreign oil
and significantly reduce transit agency operating costs."
Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano
is a leading provider of energy storage systems for clean, efficient power and
energy management. Going beyond lithium ion, Altairnano's Lithium-Titanate based
battery systems are among the highest performing and most scalable, with applications
that include complete energy storage systems for use in providing frequency
regulation and renewables integration for the electric grid, battery modules
and cells for mass transit applications, and battery packs for several different