Altair Nanotechnologies (ALTI) Signs Long Term Lithium Battery Deal With Proterra For Electric Buses

Altair Nanotechnologies (ALTI) could use some good news.  With its stock trading at 40 cents a share, it’s on the verge of extinction.  Today it got some.  The company signed a long term lithium battery supply deal with Proterra for their hybrid and electric buses, allowing the buses to recharge in 10 minutes.

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The two companies have partnered in the past and this purchase order of $4.6 million supplies Proterra with Altair batteries over the next year.  Additional orders are possible depending on the success of the buses and Proterra’s ability to complete its manufacturing facility in Greenville, SC.  This particular order is significant for Altair because it represents about three quarters of revenues, but will it be enough to kick start the stock?  I guess well find out tomorrow.

Altair CEO Terry Copeland commented: “This purchase and supply agreement represents a significant milestone and illustrates the growth opportunities present within the mass transit market.  This transaction marks the culmination of more than two years of collaboration with Proterra.  The conclusion of Proterra’s research was that Altairnano’s advanced lithium-ion battery modules are a perfect fit for Proterra’s transit bus application. We look forward to working together to bring these new electric buses to market and delivering on the promise of more cost effective and sustainable transportation solutions.”

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