Alex Lee, CEO: Over the past two quarters, we executed on a number of key milestones:
We focused on our new China plan:
We entered into an economic development agreement with the cities of Wu'an and Handan in the Hebei province, which calls for the transfer of up to 330 acres of land as well as orders for electric buses and energy storage systems (ESS). In return, the Company shall establish a manufacturing presence in Wu'an's new technology park.
We acquired a conditional 50-year right to use 66 acres of land in Wu'an for $13.9 million (inclusive of taxes) through a bidding process. We retained Beijing Hengxin Delv Assets Appraisal Co. Ltd. to perform an appraisal of the land. The value of the land was appraised at $32.2 million, which was verified by BDO China Dahua.
We applied for special grants and subsidies, and to date, Wu'an has awarded and paid Altair $12 million.
We received a $1.9 million down payment from Wu'an for an initial EV bus order.
We completed the design of our planned LTO and ESS manufacturing facilities.
We focused on sales and on our deliverables:
We launched our new 2 MW ALTI-ESS Advantage product this year and sold a system to TSK Solar in October.
We signed a supply agreement with Proterra for deliveries in 2013.
We built five ESS systems, three of which are now in their final stages of commissioning.
We ramped up our R&D proposal activity, and commenced economic development discussions in the U.S.
Deferred revenues grew to $5.3 million in the third quarter.
We focused on cost reductions and the consolidation of our operations.
"We are continuing to build upon these recent successes and believe 2013 will bring much stronger financial performance."
These are all good stuff, and new management are executing quite well. But we investors need more concrete information on its R&D progress. It's been a while since I visited this board. Yahoo's new format is just poor enough to drive away posters. I just wrote a piece and it disappeared.
*** more concrete information on its R&D progress. ***
We don't know the details but we know they're not alone anymore.
Cooperation with YTE.
Some unknown collaboration with EnerDel.
A MOU for grid development with Shenhua Science & Technology and the National Institute of Clean and Low Carbon Energy.
"We retained Beijing Hengxin Delv Assets Appraisal Co. Ltd. to perform an appraisal of the land. The value of the land was appraised at $32.2 million, which was verified by BDO China Dahua.
We applied for special grants and subsidies, and to date, Wu'an has awarded and paid Altair $12 million."