RENO, Nev., June 24, 2003 (PRIMEZONE) -- Altair Nanotechnologies, Inc. (Nasdaq:ALTI) announced today that it has received a patent covering its process for manufacturing nano-sized yttria stabilized zirconia (YSZ). Altair's YSZ is the ideal material for use in manufacturing solid oxide fuel cells (SOFC) as the company's patented process allows particle size to be selected. Additionally, the cost per kilowatt hour is an important consideration for the continued success of fuel cell programs. Altair's process uses low-cost, readily available zirconia and yttria commodity feedstocks. The process is flexible and, in addition to yttrium, the zirconia can be stabilized with calcium, scandium or magnesium.
According to Altair's CEO, Dr. William P. Long, the company's proprietary nano-sized YSZ is a major component in the company's solid oxide fuel cell (SOFC) program. In this program, Altair uses its unique YSZ for construction of both the dense electrolyte and the base structure for the porous anode layer. SOFC applications have been attracting worldwide attention due to their high-energy conversion efficiency and their improved performance with regards to pollution and use of natural resources. Catalyst development at MIT demonstrated that Altair's SOFC can potentially utilize a wide variety of hydrocarbon fuels, methane, ethane, butane, and ethanol while operating almost pollution free. The fuel cell market for SOFC applications, which includes on-site power systems, transportation applications and utility companies, is estimated to be $360 million by 2005.
SOFC development is challenging due to a lack of high quality durable ceramic materials. The electrolyte component of an SOFC, which conducts oxygen anions from the cathode to the anode of the fuel cell, must be dense, very thin and free of pores. Any microscopic openings will allow leakage of fuel in the anode compartment or air from the cathode compartment to intermingle lowering cell efficiency or completely halting cell function.
"We have successfully demonstrated that our nanomaterials will solve the classic "materials mismatch" problem experienced by other fuel cell manufacturers as we can monolithically manufacture the anode, cathode and electrolyte structure using our proprietary nano-particle manufacturing approach," said Altair's Director of Research and Engineering, Dr. Bruce J. Sabacky. "Work continues in the development of our SOFC for stationary, always on, electrical power. Based on fundamental advantages discovered in Altair's nano-sized YSZ, our R&D group was successful in building a small-scale working model SOFC for demonstrational purposes in about two and one half years. The goal of the company is not to manufacture fuel cells, but prototypes that showcase the company's commercial nanomaterials. The company is selling small research quantities of materials including nano-sized yttria stabilized zirconia and nanoparticle slurries that can be used to manufacture fuel cells using tape-casting technology."
What is Stabilized Zirconia
Zirconia is a white powder used in making, among other things, furnace linings and pigments. When stabilized with yttrium, the zirconia is extremely strong and becomes a good oxygen ion conducting material that is able to sustain temperatures up to 2,000 degrees centigrade -- the perfect material for solid oxide fuel cell cores and the thermal spray industry.
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 nanomaterials and technology 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, fuel cells, solar cells, advanced energy storage devices, thermal spray coatings, catalysts, paints and environmental remediation. For additional information on Altair's nanoparticle materials, visit www.altairnano.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 and future results to be materially different than suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the company's ability to attract funding for continued R&D or attract partners pertaining to the successful development of an SOFC utilizing Altair's YZS, 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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