RENO, NV--(Marketwired - Jun 28, 2013) - Altairnano (
The companies signed a memorandum of understanding (MOU) that defines the initial analysis needed to determine the best structure and scope of a pilot demonstration system. Both companies believe this initial phase could be completed by the end of 2013. Key goals of the next phase pilot project, which would be to deploy and test an Altairnano ALTI-ESS ADVANTAGE system, could 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.
"We are excited to be working with TAURON to develop a program that will help meet their growing needs to improve grid performance and more efficiently incorporate new renewable energy generation into their delivery systems," said Alexander Lee, CEO of Altairnano. "This pilot program will further demonstrate how our patented nano-lithium-titanate technology is ideally suited for high-power grid applications because of its ability to rapidly charge, store and discharge energy back into the grid. We are also eager to bring the benefits of our ALTI-ESS ADVANTAGE system to Europe."
"As Poland and the EU continue to move towards generating and providing cleaner electric power, advanced technologies especially for stationary energy storage and frequency regulation will be critical to meeting those objectives," said Dariusz Lubera, CEO of TAURON Polska Energia S.A.
"We are looking forward to collaborating with Altairnano to explore how its unique energy storage systems can integrate and deliver the level of grid stabilization necessary to improve the quality of the grid in Poland," said Piotr Kolodziej, CEO of TAURON Dystrybucja S.A.
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, Nevada and maintains operations in Anderson, Indiana; Zhuhai, China; and Wu'an, China. For additional information, please visit: www.altairnano.com.
About TAURON Polska Energia S.A.
TAURON Polska Energia S.A. is the mother company in the TAURON Polska Energia Capital Group.
Major subsidiaries that are consolidated in the financial statements include: Południowy Koncern Węglowy S.A. dealing with coal mining, TAURON Wytwarzanie S.A. dealing with electricity generation from conventional sources and biomas co-firing, TAURON EKOENERGIA sp. z o.o. dealing with electricity generation from renewable sources, TAURON Dystrybucja S.A. dealing with electricity distribution, TAURON Sprzedaż sp. z o.o. dealing with electricity supply to retail customers, TAURON Obsługa Klienta sp. z o.o. dealing with customer service and TAURON Ciepło S.A., dealing with heat distribution.
The TAURON Group is one of the largest business entities in Poland with the capital of approximately PLN 8 billion. The holding employs approx. 28 thousand people.
This report may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause Altair's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this report. These risks include the risk that our revenue will not increase for various reasons, including our failure to close on expected orders or INE's failure to obtain required approvals; that our land use rights may be worth significantly less than the appraised or recorded value, particularly in light of the risk of forfeiture and the requirement that we make a substantial investment related to the property prior to pledging or selling the land use rights; that the Company will run into regulatory, finance or other obstacles as it attempts to expand its operations into China or other countries; that the company will be unable to close sales due to its pricing; the characteristics of its products, competing energy storage systems or alternatives to energy storage systems; that the Company will be unable to expand production capacity (or contract with its suppliers to expand their capacity) in order to meet the demand of product orders, particularly with respect to products like electric vehicles which the Company does not itself manufacture and will have to source from third parties; that the Company will not experience expected costs savings as a result of its expansion into China and that the Company will not experience an increase in sales volume or, even if it experiences such an increase, that the Company will experience low (or negative) gross margins and not operate profitably in China and generally. Other risks are identified in Altair's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. Altair expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altair expectations or results or any change in events.