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Altair Nano Technologies (NASDAQ: ALTI) Scores A First in Electricity Markets

Contributed by: Justice Sirikah
Date: Nov 28, 2008

A one megawatt (MW), 250 kilowatt-hour battery storage system, developed by Altair Nanotechnologies Inc. (NASDAQ: ALTI) has become the first advanced Lithium-Titanate battery to provide grid regulation services in a major U.S electricity market. The device was cleared to take part in the PJM Regional Transmission Organisation (RTO) control area.

The PJM Interconnection synchronizes the transfer of wholesale electricity in 13 states, including the District of Columbia. All in all it serves about 51 million people. The organisation’s emphasis is on grid stability services, and to achieve this end, it encourages the advancement of appropriate technologies.

Altairnano’s high-tech Lithium-Titanate battery has the potential to take a very significant place in a bid to deal with the utility power market’s need for energy solutions that are harmless to the ecosystem. The company’s President and CEO, Terry Copeland, added that the acceptance of their new system “will create a more resilient grid, allowing for increased adoption of renewable generating resources, such as solar and wind”.

The battery storage system was developed under a joint operation with AES Energy storage LLC, and it completed the benchmark acceptance testing for regulation service with PJM earlier last week. The unit was also part of a previous AES technology validation effort in Indiana. “By completing the requirements to compete in the PJM Regional Transmission Organisation, we are enabling energy storage technologies that can help to make the electric grid smarter and more responsive today”, said Chris Shelton, President of AES Energy Storage LLC.

Earlier this month, Altair Nanotechnologies released its third quarter results, showing a sharp decrease in revenue as compared to last year’s third quarter. This year’s third quarter revenues were $1.8 million, while last year for the same period they were $3.37. The company also suffered a net loss of $9.11 million (11 cents/share), up from last year’s net loss of $6.13 million (9 cents /share).