Altair Nanotechnologies Signs Long-Term Supply Agreement With Proterra Inc. to Power Electric and Hybrid Transit Buses

Altair Nanotechnologies, Inc. has signed a long-term supply agreement with Proterra Inc. to supply lithium-ion battery modules for incorporation into Proterra’s all-electric and hybrid-electric buses.

The initial purchase order of $4.6 million is for delivery of modules through June 2011 with ongoing orders anticipated thereafter as Proterra continues to gain customer traction and completes its manufacturing facility in Greenville, SC. This is a follow-on order to the two earlier orders announced in August 2009 and April 2010.

Under the terms of this new agreement Altairnano will supply advanced battery modules for use in Proterra’s electric and hybrid-electric buses being marketed to municipalities and transportation authorities throughout the Americas and Europe. The two companies will work closely together to drive down the overall costs of the end product to the customer and add near-term credibility to the promise of a greener, more energy independent nation in the mass-transit arena.

About a year-and-half ago we focused the company on mass transit and stationary power applications. We have been steadily building our sales pipeline over the past year and a number of those opportunities are now coming to fruition. "We are continuing to commercialize our battery technology for the stationary power, transportation and defense markets in challenging operating environments where safety, performance and long-life are valued.

—Terry Copeland, President and CEO of Altairnano

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