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
Posted November 20th, 2008