The purchase order for the ALTI-ESS and battery cells firms up and accelerates delivery for those products as initially described in the recently announced Conditional Supply and Technology License agreement between Altair and YTE. The purchase order for lithium-titanate materials used in the manufacture of battery cells remains conditional upon the occurrence of certain events.
The orders, valued at $2.2 million, provide that Altair will supply YTE with its 11 amp-hour battery cells and a 1 megawatt ALTI-ESS energy system before year-end.
"YTE’s issuance of a firm purchase order prior to the closing of the previously announced investment in Altair reinforces their desire to immediately begin building a strong working relationship," said Terry Copeland, Altair President and Chief Executive Officer.
Altair announced on September 20, 2010 that it and Canon Investment Holdings, Ltd. had entered into an agreement with respect to the purchase by Canon of a number of Altair common shares representing fifty-one percent share of Altair’s fully-diluted common shares post-closing. Under a separate conditional supply and technology license agreement, Altair agreed to sell to Canon affiliate Zhuhai Yintong Energy Co., Ltd. an ALTI-ESS 1 megawatt system, battery cells, and its proprietary lithium-titanate material to be used in the production of battery cells in China. The purchase order for the ALTI-ESS and 11 amp-hour cells reflects a firm and binding order, and accelerated purchases of such products.
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of fast response battery systems technology. Altairnano’s lithium-titanate based battery systems are among the highest performing in the world, and are used primarily to provide regulation and renewable integration for electric utilities, and power systems for the transportation and industrial industries.