Altair Nanotechnologies Inc., wholly-owned subsidiary, Altair Nanotechnologies (China) Co. Ltd., has entered into an economic cooperation agreement with Handan and Wu'an cities, which are located in Hebei Province in the People's Republic of China. The agreements were signed at the Handan Investment Environment Promotion Conference in Hong Kong on April 18, 2012.
The agreement will promote the development, production, sale and deployment of energy storage systems, electric vehicles (EV) and lithium titanate (LTO) materials in Handan and Wu'an cities. It provides a platform for Altair's entry into the market through collaboration in manufacturing, vehicle electrification and energy storage initiatives, including:
-- Manufacturing - Altair and Wu'an City shall jointly invest in the construction of an advanced production facility for the Company's lithium titanate materials and battery systems within Wu'an city's newly formed industrial park. Wu'an City has identified a package of incentives, which would further support Altair's investment into the industrial park.
-- Vehicle Electrification - Altair shall provide Handan and Wu'an cities with EV taxis and EV buses for use in their municipal vehicle fleets.
-- Energy Storage - Altair shall work with Handan City to deploy its LTO energy storage systems in various municipal applications, including wind farm energy storage.
-- "These new agreements will provide significant support and incentives for our entry into the Chinese energy storage market," says Alexander Lee, the Company's Chief Executive Officer. "By partnering with Handan and Wu'an cities, we will leverage our core technologies to gain access into key markets in China, which are eager to use LTO-based solutions to reduce the consumption of fossil fuels and reduce emissions."