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  • Altairnano, Inc. (ALTI) And Shenhua Science & Technology Sign Memorandum Of Understanding 0 comments
    Sep 12, 2012 4:38 PM | about stocks: ALTI

    It was recently announced that an agreement was signed by three parties to develop, deploy, and promote industrial applications of lithium titanate-based energy storage systems in China. Altairnano, Shenhua Science & Technology (Shenhua S&T) and its research affiliate, and the National Institute of Clean and Low-carbon Energy (NASDAQ:NICE) signed a memorandum of understanding (NASDAQ:MOU) that calls for the launch of a pilot project to deploy and test an Altairnano ALTI-ESS Advantage System at one of Shenhua's wind farms in China.

    As part of the MOU, a joint working group comprised of members of all three organizations was formed to define the scope of the pilot project. Key goals of the pilot project include the development of ancillary services for the grid, the storage of electricity in off-peak hours, especially from renewable sources of energy, and grid stabilization. The newly launched ALTI-ESS Advantage, which uses Altairnano's patented nano-lithium-titanate technology, is ideal for high-power applications because of its ability to rapidly charge, store, and discharge energy back into the grid. The company anticipates that the ALTI-ESS Advantage System will play a key role in the joint pilot project with Shenhua S&T and NICE.

    "Shenhua is interested in ways Altairnano's technology can be used to develop operational experience to facilitate the rapid expansion of energy storage in these applications. Ultimately, the project is designed to test, validate and optimize performance of energy storage systems in China by exploring ancillary services such as frequency regulation, off-peak energy storage and microgrid stabilization," explained Alexander Lee, CEO of Altairnano.

    "Altairnano is pleased to work with a company like Shenhua, who concluded that our technology and knowledge of electric grid energy storage systems is well positioned to meet their aggressive growth targets," said Lee. "This agreement sets the foundation for rapid commercialization within China."

    Altairnano, a Reno, Nevada based company, 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.

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    Stocks: ALTI
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