RENO, Nev., June 12, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) announced today that it has entered into a teaming agreement with United Kingdom-based Hydrogen Solar Production Company Ltd. Under the terms of the agreement, the companies will form a new Nevada-based company, which they will own equally. Through the newly formed company the parties intend to collaborate in the development and commercialization of a solar hydrogen generator using the Tandem Cell(tm) technology invented at the EPFL in Lausanne, Switzerland. Hydrogen Solar owns the worldwide exclusive rights for this technology. Funding for the project(s) is expected to be secured by submitting formal applications to federal agencies and private entities.
The generation of hydrogen from light and water, has been demonstrated using conventional solar cells and electrolyzers. While successful, the technology cannot compete economically with other methods that generally use hydrocarbons. However, the availability of nanocrystalline semiconductor materials has generated significant interest in the tandem cell concept for direct production of hydrogen via water splitting. Dr. Michael Graetzel of the EPFL Lausanne, Switzerland, reported a novel, low-cost cell of this type in 1999. The Tandem Cell is made up of two sandwiched cells; the transparent front cell captures the blue/violet range of visible light and allows the green/red range of visible light to pass through to second cell behind it. The second cell utilizes a surface of dye-sensitized nanocrystalline titanium dioxide.
Hydrogen Solar successfully reproduced this cell in March, 2003, using industrial processes in a non-laboratory setting. The efficiencies of the Tandem Cell are expected to provide a more economic solar energy utilization of hydrogen production than the approach using separate solar cells and electrolyzers Altair and Hydrogen Solar's joint development program will work to improve these efficiencies by optimizing the nanocrystalline compounds and the methods by which they are deposited on to the active surfaces of the Tandem Cell.
"The technology to generate hydrogen power from light and water would eliminate the environmental, sociological and economic problems associated with conventional hydrocarbon fuels - a top priority with the Department of Energy," said Altair President Dr. Rudi E. Moerck. "According to a February 24, 2003 article from CNN.com, Americans consume about 20 million barrels of oil a day, more than one half of which is imported. The article went on to note that government's objective is to gradually reverse America's growing dependence on foreign oil and it has initially set aside $1.2 billion in research funding for hydrogen power. As a team, we expect to play an important part in the development of this cutting edge technology."
"Finding a strategic partner with the ability to economically manufacture a wide variety of nanomaterials was vital to the success of our development program," said Hydrogen Solar Chief Executive Dr. David Auty. "We believe that the combination of Altair's and Hydrogen Solar's unique proprietary technologies will allow us to make great improvements to the Tandem Cell performance and thus demonstrate the viability of a commercial solar hydrogen generator. This project presents both companies with tremendous opportunity to become a leading force in this emerging industry."
The newly formed company will partner with the University of Nevada, Reno (UNR). The University is committed to industrial partnerships in the fields of nanotechnology, solar energy and materials science and has been collaborating with the Desert Research Institute (DRI) also located in Reno. The two organizations have collaborative projects such as the Renewable Energy Hydrogen Based System For Off-Grid Applications which was funded by the DOE NREL in 2002. UNR has requested $2 million in DOE funding for 2004 to accelerate and advance the research and demonstration program in Hydrogen Energy Systems using the Tandem Cell concept. Altair is currently working with UNR on several programs, one of which is funded by the DOE in conjunction with Western Michigan University.
According to an April 2003 article, "How Hydrogen Can Save America," published by Wired Digital, Inc. the automobile industry is already moving in the direction of bringing hydrogen-based vehicles to market. To date, DaimlerChrysler, Ford, and General Motors have invested approximately $2 billion developing fuel cell cars, buses and trucks with the first products to be launched in 2003. Like automobile manufacturers, oil companies also have made progress toward an oil-free future. Over the past several years, companies such as Shell Oil and Exxon have segued from oil production to refining crude oil and selling it to filling stations. They are aware that they could provide the same service in a hydrogen economy, which is why Shell and Beyond Petroleum, formerly British Petroleum, have invested heavily in hydrogen storage and production technology.
Altair Nanotechnologies, Inc.
Nanotechnology is rapidly emerging as a unique industry sector. Altair Nanotechnologies is positioning itself through product innovation within this emerging industry to become a leading supplier of nanomaterial technology and nanomaterials worldwide. Altair owns a proprietary technology for making nanocrystalline materials of unique quality both economically and in large quantities. The company is currently developing special nanomaterials with potential applications in pharmaceuticals, batteries, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, cosmetics, paints and environmental remediation. For additional information on Altair and its nanoparticle materials, visit www.altairnano.com.
Hydrogen Solar Production Company, Ltd.
Hydrogen Solar Production Company, Ltd, based in Reading, U.K., is building a portfolio of hydrogen technologies and intellectual property aimed at the new hydrogen economy. Hydrogen Solar owns the worldwide rights for Tandem Cell technology, as well as the rights to biological processes for generating hydrogen, and is seeking to acquire compatible technologies in hydrogen generation and storage. Hydrogen generated from sunlight and water in the Tandem Cell offers a renewable fuel with no carbon dioxide emissions. For additional information on Hydrogen Solar, please visit www.hydrogensolar.com.
Forward-Looking Statements
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the possibility that the companies (Altair and Hydrogen Solar Technologies) will not successfully obtain funding for their hydrogen project or that the project will be commercially successful, in addition to other risks identified in the company's most recent Annual Report on Form 10-K, as filed with the SEC.
Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
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