Nanotechnologies Inc. announced today that the recently
passed Defense Appropriations Bill signed into law by President Bush on
November 12, 2007, provides for $7 million in federal funding related
to two of its ongoing advanced research and development projects. This
confirms funding, which was prospectively discussed by the company on
October 4, 2007.
The first project, which is to receive $5 million, is directed
toward a continuing project with the U.S. Navy involving the production
of a 2.5-megawatt stationary power supply. The objective of the power
supply project is to reduce the Navy's dependence on diesel fuel.
Currently, each Navy ship must run two diesel generators in parallel to
ensure power is not lost should the primary generator go down.
Altairnano's advanced lithium titanate energy storage pack could
replace the back-up generator, allowing the Navy to reduce its
consumption of fuel by millions of gallons each year.
The development of a sensor that can detect minute amounts of
explosive materials and chemical warfare agents is the focus of the
second project, which is a previously announced collaboration with
Western Michigan University. The $2 million in funding will allow
Altairnano to increase the sensitivity of its nanotechnology platform,
with the goal of bringing a handheld sensor to the military in the near
"We firmly believe that our technology can reduce the Navy's
dependence on imported oil and provide protection for our soldiers on
the battlefield," said Alan J. Gotcher, Ph.D., Altairnano's President
and Chief Executive Officer. "We thank Congress and President Bush for
funding the two projects and for recognizing that emerging companies
have an important role to play in strengthening our nation."