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11 년 전
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On February 9, 2011, Altairnano, Inc. (the "Company") entered into a contract with Inversiones Energeticas S.A. de C.V. (“INE”) in El Salvador to supply a ten megawatt ALTI-ESS energy storage system, which would provide frequency regulation services for the electric grid. Under the contract, the Company could not commence work until INE issued a “Notice to Proceed” to the Company. In turn, the issuance of INE’s Notice to Proceed was contingent on certain technical and commercial regulatory approvals, first from the Unidad Transacciones (“UT”), which oversees the transmission market in El Salvador, and then from the Superintendencia General de Electrcidad y Telecomunicaciones (“SIGET”), which sets the criteria for operating the wholesale electricity market.
Shortly after the execution of the Contract the Company was notified on April 11, 2011, that INE was exercising its right to cancel the contract. According to its termination letter, INE stated that its decision was based on the notice that it had received from SIGET, who questioned the short term feasibility of the project. The Company disclosed the first termination of its contract with INE on April 15, 2011.
On June 7, 2011, INE then granted the Company a 90 day extension of the contract. INE noted that its letter, dated April 11, 2011, was not intended to effect a termination of the contract, but instead provide notice of its initial failure to obtain regulatory approval, which would automatically trigger a termination of the contract, if the issue were not resolved within 120 days. Since that time, the Company and INE have entered into multiple contract extensions to provide INE with additional time to secure the necessary regulatory approvals from both the UT and SIGET. The most recent contract extension was filed on March 5, 2013, and the Company commenced discussions with INE about another contract extension in April 2013.
To support INE’s ongoing discussions with the UT and SIGET, the Company worked with INE to develop technical models, which illustrated the potential impact that a ten megawatt ALTI-ESS system could have had on the El Salvadoran electric grid. In October 2012, the UT issued a favorable report about the use of the Company’s ALTI-ESS system based on their review of this modeling work.
In mid-May, 2013, the Company met with INE in El Salvador to discuss the status of the project and its discussions with the UT. Our contract with INE was due to expire unless extended, and INE noted its intent to move forward with an additional extension. However, in a letter dated, May 28, 2013, INE notified the Company of its decision not to extend the contract. INE cited two reasons for its decision. First, INE noted its belief that the proposed battery system would be too large for the El Salvadoran electrical grid. Second, INE noted that, notwithstanding models suggesting otherwise, the UT did not yet view the proposed system as being economically viable for various market participants.
In its May 28, 2013 letter to the Company and in a subsequent discussion, INE noted its continued interest in using our system. Accordingly, the Company will continue its discussions with INE, UT, SIGET and the U.S. Commercial Service to assess the situation and any potential alternatives, including the use of a resized system. Given the regulatory challenges associated with this contract since inception, the Company has never included the potential revenue associated with the INE contract in its backlog of orders.
futrcash
12 년 전
Altairnano Selected for Puerto Rico 26 MW San Fermin Solar Project
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Altair Nanotechnologies Inc. (MM) (NASDAQ:ALTI)
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Today : Thursday 4 October 2012
Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI) today announced it had been selected by Uriel Renewables Inc. and Coqui Power LLC, a joint development effort for the deployment of solar photovoltaic projects in Puerto Rico, together with TSK Solar, a leading energy EPC contractor and engineering firm, to provide an advanced battery energy storage system for a renewable integration project at the San Fermin 26 MW photovoltaic solar farm in Loiza, Puerto Rico.
Altairnano will provide a 2 megawatt (MW) ALTI-ESS Advantage advanced energy storage system to provide frequency regulation and ramp-rate control. The system will satisfy the technical requirements established by the Puerto Rico Electric Power Authority (PREPA). Altairnano will deliver, install and commission the system before Dec. 31, 2012.
The ALTI-ESS Advantage is Altairnano's newest product for the electric grid market. Building upon the success of its 1 MW ALTI-ESS, the Advantage system provides twice as much power in a container almost 25 percent smaller, and can achieve peak power of 3.6 MW. The batteries are housed in a standard forty (40) foot container that also includes fire safety, heating and cooling, and computer systems necessary to safely and economically operate the system. Using Altairnano's proprietary nano-lithium-titanate chemistry, the batteries are able to last four to six times longer than competitive products, while providing the high-power rapid charging capabilities that are required for frequency regulation. The Advantage was engineered from the ground up to cost significantly less than the product it replaced, creating compelling economic advantages for a diverse range of electric grid applications.
The ALTI-ESS Advantage will provide ramp-rate control for smoothing the power fluctuations associated with photovoltaic applications in addition to frequency regulation required by PREPA.
"It is exciting to work for this project in Puerto Rico with global energy developer Uriel Renewables and its local partner Coqui Power," said Alexander Lee, Altairnano CEO. "Puerto Rico is rapidly expanding the use of photovoltaic and wind power to meet their energy needs, and the ALTI-ESS Advantage is a terrific product for these installations. TSK Solar brings the engineering and technical capabilities necessary to make this a successful project," added Lee.
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 Uriel Renewables, Inc.
Uriel Renewables Inc. is the U.S. subsidiary of the Spanish Uriel Inversiones S.A. Group of Companies for the development of renewable energy projects in the Americas. Having been involved in the development, construction, commissioning and operation-ownership of numerous projects and with an overall experience well in excess of 25 years, Uriel currently holds financial interests in the following areas of the renewable energy industry: small hydro, wind energy, concentrated solar power, solar photovoltaic, waste-to-energy landfill biogas and bioethanol.
Forward-Looking Statement
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 Altairnano'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. In addition, other risks are identified in Altairnano'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. Altairnano expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altairnano expectations or results or any change in events.
MEDIA CONTACTS:
Altairnano, Inc.
Erin Witt
317-509-5968
ewitt@altairnano.com
futr
acc
13 년 전
News: Altairnano Organizes to Accelerate Global Business Growth
Date : 04/05/2012 @ 8:00AM
Source : MarketWire
Stock : Altair Nanotechnologies Inc. (ALTI)
Quote : 0.61 0.0 (0.00%) @ 8:00AM
Altairnano Organizes to Accelerate Global Business Growth
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Altair Nanotechnologies Inc. (MM) (NASDAQ:ALTI)
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Today : Thursday 5 April 2012
Altair Nanotechnologies Inc. (Altair) (NASDAQ: ALTI) today announced Alexander Lee had been appointed interim Chief Executive Officer, and that Liming (Albert) Zou had been appointed President at a special Board of Directors meeting on April 1, 2012, replacing Frank Gibbard.
The appointments reflect the need for Altairnano to position the company for global growth both from its U.S.-based operations and in China. Mr. Lee will focus mainly on Altair's U.S. operations, while Mr. Zou will lead the expansion of Altairnano's business in China.
"We recognize the importance of growing the U.S.-based business and to maintain our focus on Altair's core LTO technologies along with the expertise we have developed in systems engineering and manufacturing for the electric grid, transportation, and industrial markets," said Yincang Wei, Altair Board Chairman. "At the same time, we see significant growth opportunities in China, and believe that this management structure will allow the company to pursue the full range of opportunities."
Mr. Zou has served as an independent director on Altair's board since July 2011. Mr. Lee has served on the Altair Board of Directors since December 2009, and was a member of its Audit, Compensation, Governance and Nomination Committees. Mr. Lee's and Mr. Zou's collective experience on the board provides additional insight into the company and its business expansion goals.
"We continue to see strong customer interest in Altair's technology for applications that require safety, rapid charging, long cycle life, and that must operate over a wide temperature operating range," said Lee. "This organization structure will enable us to drive revenue, while expanding into the China market in a focused manner."
ABOUT ALEX LEE
Alexander Lee is the managing director of Al Yousuf LLC (AYL) and CEO of Phoenix Cars LLC, which is a wholly-owned subsidiary of AYL.
Mr. Lee joined AYL as a managing director in December 2009. From January 2008 to October 2009, Mr. Lee held executive-level positions at Phoenix MC, Inc. (PMC) and at Phoenix Cars, LLC (PCL). PCL is an Al Yousuf LLC entity that, in September 2009, acquired the operating assets of PMC, a developer of electric vehicles. Mr. Lee became CEO of PCL in August 2010.
Prior to PMC, Mr. Lee worked at Rapiscan Systems, a developer, manufacturer and distributor of X-ray, gamma-ray and computed tomography products. Mr. Lee was vice president of strategic planning at Rapiscan from February 2006 to December 2007. Mr. Lee joined Rapiscan as the head of its government contracts and proposals group in October 2003.
Mr. Lee earned a B.A. degree from Brown University and a J.D. degree from the University of California, Davis, School of Law.
ABOUT ALBERT ZOU
Since 2009, Mr. Zou has served as the CEO of YuView Holdings, Ltd. Mr. Zou previously served as vice president for Asian Coast Development, Ltd. from 2007 to 2008. In this position Mr. Zou had primary responsibility for marketing and business development in China. Mr. Zou served as executive director of SI-TECH Information Technology, Ltd. from 2005 to 2007, where he was responsible for corporate financing and mergers and acquisitions. From 2004 to 2005, Mr. Zou served as a director of Confederate Finance Corp.
Mr. Zou earned his bachelor's in Science from Beijing University of Posts and Telecommunications and earned his master's degree in science from the Graduate School of China Academy of Posts and Telecommunications. He also earned an MBA from the Richard Ivey School of Business at the University of Western Ontario, Canada.
ABOUT ALTAIR
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano's lithium-titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, and battery modules and systems for transportation and industrial applications. For more information please visit Altair at www.altairnano.com.
FORWARD-LOOKING STATEMENT
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 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 release. These risks include the risk that Altair will be unable to expand sales of its products as a result of the early stage of the market, concerns regarding Altair's products, as a result of general economic conditions, as a result of political or regulatory concerns or for other reasons and the risk that Altair will be unable to execute its Chinese expansion plan or that it will not achieve expected economies of products or sales in the Chinese market. In addition, 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.
MEDIA CONTACTS:
Media:
Erin Witt
Marketing Consultant
317-509-5968
ewitt@altairnano.com
Investors:
Larry Clawson
Director, Financial Planning and Analysis
775.858.3728
lclawson@altairnano.com
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