Altairnano Selected by Hawai'i Natural Energy Institute for Solar Energy Integration Demonstration Project
August 16 2011 - 08:00AM
Marketwired
Altair Nanotechnologies Inc. (Altairnano) (NASDAQ: ALTI) today
announced it has signed a contract with the Hawai'i Natural Energy
Institute (HNEI) of the University of Hawai'i at Manoa to supply a
one-megawatt ALTI-ESS energy storage system for a test of solar
energy integration. Under the contract, Altairnano will provide the
ALTI-ESS battery-based power management system to be tested on
Hawaiian Electric's electric system to smooth the voltage and load
profile with the aid of dynamic voltage controls and fast
charge/discharge abilities.
"Altairnano technology was selected for this project based on
its long cycle life and very rapid charge and discharge
capabilities," said Dr. Rick Rocheleau, UH-HNEI Director. "These
characteristics are expected to help meet the integration
challenges of high-penetration solar energy sources."
The project is designed to test the performance characteristics
of the battery and to demonstrate the effectiveness of battery
storage technology to further the integration of solar energy into
Hawaiian Electric's electric system. The test is expected to
demonstrate solutions to integrate higher levels of renewable
energy onto the grid, improve capacity utilization, and maintain
grid performance and reliability while reducing the state's
dependency on fossil-fuel power generation.
"This project will show the value of our technology to meet the
performance requirements for fast energy storage needed for solar
integration, and we look forward to working with our customers to
provide Hawaiian Electric Company with the means to increase their
use of renewable energy sources," said Terry Copeland, Altairnano
president and CEO.
Hawaiian Electric Company plans to install the energy storage
system at one of its electrical substations in central Oahu in
early 2012. This substation is experiencing a rapid increase in
residential and commercial solar installations.
"We look forward to pursuing this opportunity with UH-HNEI and
Altairnano," said Darren Ishimura, Hawaiian Electric Company's
Director of Distributed Technology Applications. "Hawaiian Electric
continues to aggressively explore solutions to support
higher-penetration of clean energy resources into our grid in a
reliable and cost-effective manner."
The Office of Naval Research is providing funding for the
project through a grant to the University of Hawai'i. Projects that
support the Department of Navy's energy programs to demonstrate
technologies that enable increased implementation of alternative
energy sources and promote energy security are made possible by the
efforts of Senator Inouye, Senate Appropriations Chairman to ensure
that the Department of Defense has adequate resources to make these
critical, cutting-edge investments in energy technology.
U.S. Government
Disclaimer
The views and conclusions in this release are not to be
interpreted as representing the opinions or policies of the U.S.
government or of any other parties involved in this project.
Mention of trade names or commercial products does not constitute
an endorsement by the U.S. government.
About Altairnano, Inc.
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,
battery modules and cells for transportation applications, and
battery packs for several different military applications. For more
information, please visit www.altairnano.com.
About The Hawai'i Natural Energy
Institute
The Hawai'i Natural Energy Institute (HNEI) is a research unit
in the School of Ocean and Earth Science and Technology (SOEST) of
the University of Hawai'i at Mānoa. HNEI began operations in 1974
and was formally established in statute by the Hawai'i State
Legislature in 2006 under Act 235 with a mandate that includes
development of renewable sources of energy for power generation and
transportation, and to demonstrate and deploy efficient energy
end-use technologies including those that address peak electric
demand issues for Hawaii's electrical power grids. HNEI coordinates
its work closely with the State Energy Resources Coordinator in
support of the Hawai'i Clean Energy Initiative (HCEI). Current
research includes the areas of hydrogen and fuel cells, ocean
resources and energy systems, fuels and high value products derived
from locally-produced biomass and engineered microbial systems,
photovoltaics, and batteries and electric vehicles. HNEI also
conducts research and manages public-private partnership projects
funded by the U.S. Department of Energy and the Office of Naval
Research to identify, model, and validate technology solutions that
enable increased penetration of renewable energy onto the
electrical grids of the different Hawai'i islands thus helping to
reduce fossil fuel importation and increase Hawaii's energy
security.
About Hawaiian Electric Company (Hawaiian
Electric)
Hawaiian Electric Company and its
subsidiaries, Maui Electric Company and Hawaii Electric Light
Company, serve more than 400,000 customers on the islands of Oahu,
Hawaii, Maui, Lanai and Molokai, home to 95% of the state of
Hawaii's population. Hawaiian Electric Company is a subsidiary of
Hawaiian Electric Industries (NYSE: HE). For more information,
visit www.heco.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 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. These risks and
uncertainties include, without limitation, the risk that HNEI will
be unable to integrate Altairnano batteries in Hawaiian Electric's
electric system to produce anticipated smoothing of voltage and
load profile and the risk that Altairnano batteries will not
exhibit expected cycle life or charge/discharge characteristics or
otherwise exhibit the characteristics necessary to facilitate the
integration of solar energy into the electrical grid. In addition,
other risks are identified in Altairnano's most recent Annual
Report on Form 10-K 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. Casey Stegman
Investor Relations Stonegate Securities, Inc. 972-850-2001
casey@stonegateinc.com Erin Witt Marketing Consultant 317-509-5968
ewitt@altairnano.com Hawaiian Electric Company (Hawaiian
Electric) Darren Pai Senior Communications Consultant
808-543-7753 darren.pai@heco.com Hawai'i Natural Energy
Institute (HNEI) Larry Cutshaw DoD Technical Program Manager
(808) 967-7787 lcutshaw@hawaii.edu
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