Nov. 23, 2005 – Altair Nanotechnologies Inc. (NASDAQ: ALTI) announced that it has been awarded a $250,000 grant from the Indiana Advanced Energy Technologies Program (AETP) initiative. The Indiana Energy Group, a division of the Office of Lieutenant Governor Becky Skillman, administers the program.
The Indiana Energy Group has awarded six grants on a competitive basis from this program during 2005. The grant funding must be used to manufacture products containing products or materials not currently in the U.S. market, and that are above industry standard in terms of energy efficiency (e.g. hybrid automobiles, fuel cells) and/or incorporate an innovative technology, such as nanotechnology, that allows the product to save energy.
“The grant funding will assist Altair to purchase and install production and test equipment for product application development in its development and manufacturing center in Anderson, Indiana,” said Altair President and CEO Alan Gotcher in a prepared statement. “The center is open and pilot manufacturing is anticipated to begin by the end of the first quarter of 2006.”