AES Corporation, the global power company, has made a $3-million strategic investment in Altair Nanotechnologies, the manufacturer of lithium-ion batteries.
AES privately purchased 895,523 treasury shares of Altair common stock at $3.35 per share, the NASDAQ closing price of Altair shares on the day prior to closing. The purchased shares represent approximately 1.5% of Altair’s outstanding common shares.
Advanced battery technologies have the potential to transform both the electricity and transportation sectors. The batteries that Altairnano is beginning to ship, with their high power density and extended cycle life, offer great promise for powerful, fast charging electric vehicles and other applications.—Robert Hemphill, Executive Vice President of AES
Phoenix Motorcars is using a 35 kWh Altair NanoSafe battery pack in its recently introduced Sport Utility Truck. Altair now has a multi-year purchase and supply agreement with Phoenix under which Phoenix has projected orders for 2007 between $16 and $42 Million for up to five hundred battery pack systems. Altairnano also received a 16.6% ownership in Phoenix as part of the transaction. (Earlier post.)
AES is one of the world’s largest global power companies, with 2005 revenues of $11 billion. With operations in 26 countries on five continents, AES’s generation and distribution facilities have the capacity to serve 100 million people worldwide.
(A hat-tip to Rick!)