Altair (ALTI), announced today the successful demo and validation of two 250 kilowatt-hour battery system that was purchased by a leading utility AES Corp (AES). The testing was conducted to demonstrate the applicability of Altair’s large platform technology to frequency regulation, important in the process of utilities providing power to the electric grid.
"The positive AES results validate the immense opportunities in the utility sector," said Terry Copeland, President and CEO for Altair Nanotechnologies. "Our patented lithium titanate battery technology represents a significant advancement in frequency regulation and can provide utilities and generating companies with a valuable tool and resource in the growing challenge of grid management."
The stock is currently trading up nearly 30% on the news.