Altair Nanotechnologies Executes Agreement With AES Corp for Advanced Energy Storage Products
Altair Nanotechnologies Inc. announced that it has finalized a joint development and equipment purchase agreement related to Altairnano’s battery technology and energy storage products with AES Corp.. With operations in 28 countries on five continents. AES’s generation and distribution facilities have the capacity to serve 100 million people worldwide.
Earlier this year, AES completed a $3 million strategic investment in Altairnano. Under the terms of the deal, Altairnano and AES will jointly develop a suite of energy storage solutions specifically for AES. These energy storage products are expected to deliver in excess of 1MW of power and 500 KWh of energy. Altairnano is working with AES to apply these products and systems at strategic points within the electrical grid to more efficiently deal with congestion, peak energy consumption, and real-time fluctuations in electricity demand. The quick response time, extended life, and power profile of the Altairnano batteries and energy storage products are well suited to improving performance in these areas with lower environmental impact than traditional generation solutions.
Delivery to AES of the prototype Altairnano energy storage products is scheduled for the end of the year.
"This agreement demonstrates the unique product performance of Altairnano’s technology to improve the operation of the electrical grid, one of the most critical infrastructures in the world," said Altairnano President and Chief Executive Officer, Alan J. Gotcher, PhD. "We are very proud to work with the AES Corp. in these market applications and we look forward to jointly creating solutions for their businesses around the globe."