| ALTAIR NANOTECHNOLOGIES BEGINS SHIPMENTS OF BATTERY ELECTRODE NANOMATERIALS |
Announces initial shipment of lithium titanate spinel electrode nanomaterials to Advanced Battery Technologies.
RENO, NV. – April 19, 2005 – Altair Nanotechnologies, Inc. (NASDAQ: ALTI) announced today the initial shipment of battery electrode nanomaterials to Advanced Battery Technologies, Inc. (OTCBB: ABAT) that will be used in the manufacture and testing of prototype polymer lithium batteries. Advanced Battery designs and markets Polymer-Lithium-Ion (PLI) batteries that are manufactured in its subsidiary, based in Harbin, China. Altair previously announced a partnering agreement with ABAT on April 4, 2005.
Altair and Advanced Battery have formed a partnership and agreed to test Altair's electrode materials for use in new, higher performance Polymer-Lithium-Ion (PLI) batteries to be manufactured by Advanced Battery for sale in China. These new batteries are being tested by the partnership to meet an emerging need for higher power, lighter weight and more rapidly recharging batteries to power a new generation of higher performance, electrically powered vehicles, including automobiles and buses.
A multi-phased material and battery performance testing program is being designed and conducted to refine the product and process specifications for the electrode materials and new battery products. Altair's electrode nanomaterials will be incorporated into Advanced Battery's current PLI battery production lines. The batteries will be tested in standard battery test protocols and in real world tests using electric vehicles (i.e. cars and buses) in 2005.
"Advanced Battery's current Polymer-Lithium-Ion (PLI) battery permits a top speed of 75 mph for cars and 62.5 mph for buses and a traveling distance of approximately 200 miles per charge for cars and 150 miles for buses", commented Mr. Zhiguo Fu, Chairman of Advanced Battery.
Using Altair's rapid charge electrode nanomaterials in PLI batteries, Altair believes that the typical battery life cycle of 1,000 recharge cycles before any degradation of performance can be increased to 20,000+ cycles. In addition to improving the battery cycle life, the recharge time is expected to be reduced, depending on battery size and power. These features may provide improved operational efficiency and lower operating costs for electric powered vehicles. Altair's nanomaterials can be used in PLI and other lithium ion batteries extending the product range and the use of these materials to other geographic markets.
"The relationship with Advanced Battery is important to Altair's long term strategy, as it provides Altair with an aggressive battery manufacturing partner in a rapidly growing market – polymer lithium ion batteries in China." said Dr Alan J. Gotcher, Altair CEO and President. "Lithium ion and polymer lithium ion batteries have historically been manufactured in Japan. However, over the last three years a significant shift has occurred due to lower cost manufacturing in China, which now produces about 30 percent of the worldwide $5 billion a year lithium battery supply. As well as providing Altair with an entry into this burgeoning market, the relationship with Advanced Battery provides our development team with additional insight into the requirements of a battery manufacturer with a low cost production infrastructure.
ALTAIR NANOTECHNOLOGIES INC.
Altair Nanotechnologies, through product innovation, is a leading supplier of advanced ceramic nanomaterial technology worldwide. Altair Nanotechnologies has assembled a unique team of material scientists who, coupled with collaborative ventures with industry partners and leading academic centers, has pioneered an impressive array of intellectual property and product achievements.
Altair Nanotechnologies has developed robust proprietary technology platforms for manufacturing a variety of crystalline and non-crystalline nanomaterials of unique structure, performance, quality and cost. The company has a scalable manufacturing capability to meet emerging nanomaterials demands, with capacity today to produce hundreds of tons of nanomaterials.
The company is organized into two divisions: Life Sciences and Performance Materials. The Life Sciences Division is pursuing market applications in pharmaceuticals, drug delivery, dental materials, cosmetics and other medical markets. The Performance Materials Division is pursuing market applications in Advanced Materials for paints and coatings; titanium metal manufacturing, catalysts and water treatment; and alternative energy. For additional information on Altair and its nano-materials, visit www.altairnano.com
AltairnanoTM, Altair Nanotechnologies, Inc.®, Altair NanomaterialsTM, AltairnanoTM TiNano®, RenaZorbTM, NanoCheckTM, TiNano SpheresTM and the Hydrochloride Pigment ProcessTM are trademarks or registered trademarks of Altair Nanotechnologies, Inc.
ADVANCED BATTERY TECHNOLOGIES, INC.
Advanced Battery announced on April 12, 2005 that it has completed an expansion of a 30 acre manufacturing site in Harbin, China. This provides Advanced Battery with 340,000 square feet of battery manufacturing capacity, with three battery manufacturing lines, and a production capacity of 50,000AH, and $100,000 in volume, per 8-hour shift. As a result of the new capacity additions, Advanced Battery has increased its China based staff from 360 employees in December, 2004 to 1,260 as of April 5, 2005, according to Advanced Battery and the local city Labor Department records. These 1,260 employees include 120 engineers and 49 research staff with advanced degrees. Photographs of their facility can be found on the Altair website at www.altairnano.com
Forward-Looking Statements
This release 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 the company'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 release. These risks and uncertainties include, without limitation, the risks that ABAT batteries incorporating Altair's nanomaterials will not experience reduced recharge time, will overheat or will otherwise not function as anticipated; that, for financial reasons, absence of demand, the existence of better technologies or other reasons, Advanced Battery will not order significant amounts of Altair's nanomaterials in the future; that problems, if any, with Advanced Battery's batteries integrating Altair's nanomaterials will lead to a decline in industry interest in Altair's technologies; that the short-term development agreement with Advanced Battery will not lead to a long-term revenue-generating licensing, manufacturing or other agreement with ABAT or others; and that, even if Altair enters into a long term agreement with Advanced Battery or others, costs associated with performing Altair's obligations under such agreement will exceed or approach associated revenues. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
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| Apr 19, 2005 |
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