More on Power Grids
RENO, NV -- (Marketwire) -- 09/15/11 -- Today, Altairnano (NASDAQ: ALTI) announced it had reached an agreement with Inversiones Energéticas S. A. DE C. V. (INE) to extend its current contract to supply a 10 Megawatt ALTI-ESS system for the El Salvador Electric Grid. The contract extension was granted to permit both INE and Altairnano the time needed to conclude work necessary to obtain regulatory approval for the introduction of energy storage within El Salvador. Initial regulatory reviews were completed by Unidad de Transacciones (UT), accepting the technical results of required electrical interconnection studies.
"INE and Altairnano are working closely together to obtain necessary regulatory approvals, and this extension further demonstrates INE's commitment to successfully implement the first energy storage project in El Salvador," said Tom Kieffer, Altairnano vice president, marketing and sales. "We believe the regulatory environment in El Salvador is favorable to energy storage, and that we will be able to achieve necessary approvals within the contract extension period," Kieffer added.
Altairnano's ALTI-ESS advanced battery system provides an economical solution for managing voltage frequency fluctuations, because of its ability to rapidly absorb energy from the grid, and just as quickly discharge energy back into the grid. The ALTI-ESS uses Altairnano's patented nano-lithium-titanate battery chemistry for its energy storage system, which has been in commercial operation for approximately two years.
The contract, valued at 18 million U.S. dollars, would require Altairnano to provide a complete turn-key installation at INE's Talnique power station, including all phases of site preparation, system installation, testing and commissioning.
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, and battery modules and systems for transportation and industrial applications. For more information please visit Altairnano at www.altairnano.com.