RENO, NV -- (Marketwire) -- 01/14/13 -- Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI), today announced it was awarded a firm contract with the Hawai'i Natural Energy Institute (HNEI) of the University of Hawai'i at Manoa to supply a 2-Megawatt (MW) ALTI-ESS Advantage energy storage system for a grid stability demonstration project.
HNEI selected Altairnano and the ALTI-ESS Advantage after two prior energy storage system purchases focused on renewable energy integration. The ALTI-ESS Advantage supplies 2 MW of power and 397 kWh of energy as part of a new product offering that has a 25 percent smaller footprint and lower cost per MW than the product it replaced. The research project, funded through a grant from the Office of Naval Research, will help validate the performance characteristics of the ALTI-ESS Advantage and demonstrate the effectiveness of energy storage to integrate solar photovoltaic power generation into the electric grid.
"With this project, we will continue important work to validate the effectiveness of advanced energy storage systems in improving the electric grid, reducing emissions and providing the citizens of Hawai'i with continued growth in the use of renewable energy," said Dr. Rick Rocheleau, executive director of HNEI.
"Energy storage systems will play a critical role in the integration of renewable sources of energy into the grid," said Alexander Lee, chief executive officer of Altairnano. "We are very pleased to build upon our relationship with HNEI, and look forward to integrating our newest system, the ALTI-ESS Advantage, into our third renewable energy project with HNEI."
The Office of Naval Research is providing funding for the project through a grant to the University of Hawai'i. Projects that support the Department of Navy's energy programs to demonstrate technologies that enable increased implementation of alternative energy sources and promote energy security was made possible by the efforts of the late Senator Daniel K. Inouye, Senate Appropriations Chairman, to ensure that the Department of Defense has adequate resources to make these critical, cutting-edge investments in energy technology.
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, Nev. and maintains operations in Anderson, Ind.; Zhuhai, China; and Wu'an, China. For additional information, please visit www.altairnano.com.
About The Hawai'i Natural Energy Institute
HNEI is a research unit in the School of Ocean and Earth Science and Technology (SOEST) of the University of Hawai'i at Mānoa. HNEI began operations in 1974 and was formally established in statute by the Hawai'i State Legislature in 2006 under Act 235 with a mandate that includes development of renewable sources of energy for power generation and transportation, and to demonstrate and deploy efficient energy end-use technologies including those that address peak electric demand issues for Hawai'i's electrical power grids. HNEI coordinates its work closely with the State Energy Resources Coordinator in support of the Hawai'i Clean Energy Initiative (HCEI). Current research includes the areas of hydrogen and fuel cells, ocean resources and energy systems, fuels and high-value products derived from locally produced biomass and engineered microbial systems, batteries and electric vehicles, and photovoltaic systems. HNEI also conducts research and manages public-private partnership projects funded by the U.S. Department of Energy and the Office of Naval Research to identify, model, and validate technology solutions that enable increased penetration of renewable energy onto the electrical grids of the different Hawai'i islands thus helping to reduce fossil fuel importation and increase Hawai'i's energy security.
Hawai'i Natural Energy Institute (HNEI)
DoD Technical Program Manager
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