Altair Nanotechnologies announced this week that the new lithium titanate battery it is developing for the U.S. Navy has completed its 500th full depth cycle and, perhaps somewhat surprisingly, lost just one percent of its total capacity. The Navy (thanks to U.S. taxpayers) is paying Altair $2.5 million for these batteries. While not destined for any vehicles, the Navy's goal with the battery program is to reduce dependency on expensive jet fuel used in back-up turbines and, through that, to red
According to a press release on Altairnano's web site, Dr. Alan Gotcher has agreed to resign "as an officer of the company." Dr. Gotcher was appointed CEO back in August 2004 and President in March 2005. No reason was given in the release but the language makes it sound like it wasn't his decision. Dr. Terry Copeland, formerly of Millennium Cell, Inc., who was hired on as vice-president in November of last year, will step in as interim president.
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 announce 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 diesel fuel the military bra