Following Altairnano's not-so-good news the other day (the Motley Fool said its stock "
missed the mark
"), the company must be pleased to
some good news. To wit, $7 million worth of federal funds as part of the recently-passed Defense Appropriations Bill. The money will be used by Altair not for vehicles but for an advanced lithium battery and separate sensor programs. Five million is headed towards a U.S. Navy project that is intended to reduce the amount of
branch uses. Altair's press release says that, "Currently, each Navy ship must run two diesel generators in parallel to ensure power is not lost should the primary generator go down. Altairnano's advanced lithium titanate energy storage pack could replace the back-up generator, allowing the Navy to reduce its consumption of fuel by millions of gallons each year." The other $2 million is for nanotech sensors to detect "minute amounts of explosive materials and chemical warfare agents."
While neither of these is directly related to greener vehicles, reducing fuel use is an
fave, and I think most of us agree that technological advancements in lithium batteries are a good thing. Whether throwing money at Altairnano as part of our country's war money is a good idea is another issue.
[Source: Altair, h/t to Harvest]