Altairnano Signs Agreement With TAURON Dystrybucja S.A. on Joint Energy Storage
Systems Demonstration Research Project
RENO, NV -- (Marketwired) -- 06/28/13 -- Altairnano (NASDAQ: ALTI)
today announced it entered into an agreement with TAURON Dystrybucja
S.A. (TAURON) to jointly determine the necessary infrastructure needs
for stationary energy storage systems based on lithium titanate
batteries, and for the construction of power and frequency
stabilization systems in Poland. TAURON is a subsidiary of TAURON
Polska Energia S.A., Poland's second largest energy company.
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
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.
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