Altairnano (ALTI) Nets Battery Contract With Proterra

After 18 months of demonstration and testing, it’s official: Altairnano just snagged a contract with Proterra, a company that makes EV and electric buses, worth $898,400. Under the agreement, Altairnano will supply Proterra with its advanced batteries, each of which contain Altairnano’s 1P10S module configuration.  In fuel economy equivalency tests at the University of Pennsylvania, electric buses using these batteries were able to obtain 20 miles per gallon- a 400 percent improvement over buses that use diesel.

In a press release, executives from both companies commented on the contract:

“Altairnano’s battery technology is a great fit supporting Proterra’s expertise in the design and manufacturing of efficient, cost-effective, and environmentally responsible transit solutions,” said Jeff Granato, CEO, Proterra. “Distinctive performance attributes of Altairnano’s battery technology specific to our requirements include fast charging, long cycle life, and durability.”

“Compared to other EV and HEV transportation applications, mass-transit reflects a more rapid path to the commercialization of our technology,” said Terry Copeland, president and CEO. “Not only does it provide important top-line revenue, but it also helps us build better power and energy management systems. Batteries for mass transit applications require safety, ruggedness, and reliability. These are the same attributes required for the energy and utility sector.”

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