Mar. 9, 2006 – Altair Nanotechnologies Inc. (NASDAQ: ALTI) and Electro Energy Inc. (NASDAQ: EEEI) announced that they have entered into a four-year joint development agreement for the design, manufacture and marketing of high power lithium ion batteries and battery systems. Initial target markets consist of a variety of portable devices, including handheld power tool applications.
Under the agreement, Altairnano and Electro Energy will work together to develop a new generation of rechargeable batteries based on Altairnano’s advanced nano-structured electrode materials and Electro Energy’s patented bipolar cell design.
Both companies believe that the combined technologies will create a range of new lithium ion batteries that are expected to enable, for example, hand-held power tool manufacturers to deliver end user products with improved functionality and cost performance. If the companies are successful in developing these new lithium ion battery products, power tools using these batteries are expected to weigh less, recharge in minutes versus hours, and have a significantly improved cycle life.