11-04 :: April/May 2011
nanotimes Companies Highlights
• Activities are proceeding for the anticipated May 17, 2011 investment close from Canon Investment Holdings in the amount of $57.6 million.
• On March 30, 2011 Altairnano completed an interim registered direct financing that netted the Company $5.7 million after all expenses.
• On February 9, 2011, Altairnano signed a contract for delivery of a turn-key 10 Megawatt ALTI-ESS advanced battery system for frequency control with Inversiones Energéticas, S.A. de C.V. (INE), one of El Salvador‘s largest electric generation utilities.
Subsequently, on April 15, 2011, INE informed the Company that due to unresolved regulatory issues they were cancelling that contract.
• On January 27, 2011, Altairnano announced the award of a firm contract with the University of Hawaii - Hawaii Natural Energy Institute (HNEI) to supply a one-megawatt ALTI-ESS energy storage system to test and evaluate the efficacy of its use in wind energy integration in the electric grid. The system will be installed at the Hawi Wind Farm on the island of Hawaii and connected to the HELCO utility grid.
• Altairnano continued a reduced delivery of battery modules under the long-term Proterra contract announced last year, and are working closely with them to adjust Altairnano‘s manufacture and delivery schedule for the balance of the year as they address their near-term financial challenges.
• In May 2011, Altairnano announced its nano lithium-ion titanate battery system would be used to advance research initiatives at LUT Energy of Lappeenranta University of Technology (LUT), the largest energy research and university-level education organization in Finland.
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