Inc. (Altairnano) (Nasdaq: ALTI), a leading provider of energy storage systems
for clean, efficient power and energy management, today announced a $3.8 million
contract award from the Office of Naval Research (ONR). This award is for the
continued research and design of Altairnano's large-scale nano lithium titanate
energy-storage systems for possible use as an uninterruptible power supply (UPS)
on Navy ships.
"Our advanced battery technology is advancing the quest for a safe, less
costly and environmentally friendlier substitute for fossil-fuel burning turbines,"
said Terry M. Copeland, Ph.D., Altairnano's president and chief executive officer.
"The design and development of a 500-kW energy-storage unit paves the way
for the Navy to dramatically change how vessels respond to requirements for
efficient, redundant, and safe power availability. Given the number of ships
to which Altairnano's technology could be applied, this electrical storage and
rapid power delivery system could reduce the Navy's fuel consumption by tens
of millions of gallons each year."
On Navy vessels today, two gas-turbine generators are kept online to guarantee
power availability. An Altairnano battery solution provides the ability to run
only one turbine at a more efficient capacity. If there is a problem with the
primary generator, the Altairnano UPS would provide enough power to allow a
second generator to be started and put online, avoiding the cost of keeping
two generators running continuously. It is estimated the fuel cost savings alone
would near $1 million per vessel for a six-month cruise.
This contract, the continuation of an earlier award announced in 2008, is for
the additional engineering, design, and testing of Altairnano's advanced battery
systems for use on Navy ships. The second phase of this contract includes construction
and delivery of a 500-kW energy-storage unit for operational testing by ONR.
During this phase Altairnano will produce this unit for performance testing,
smaller-scale modules for safety testing and conduct other cell, safety and
ship integration studies. The engagement starts immediately with contract completion
anticipated by July 1, 2010.
To date, total funds appropriated by Congress for Altairnano's battery program
total $12.5 million. Funds for the third phase of Altairnano's ongoing engagement
are expected to be awarded in 2010.