Altairnano takes stake in Phoenix Motorcars

Altair Nanotechnologies (NASDAQ: ALTI), a leading supplier of nanomaterials and high-power battery systems, has taken a 16.6 percent ownership in electric car maker Phoenix Motorcars.

A three-year exclusivity agreement provides Phoenix with limited, exclusive use of Altairnano's NanoSafe™ battery packs in four-wheel, all-electric vehicles having a gross weight up to 6,000 pounds. Phoenix must meet minimum battery pack purchases, annually, to maintain the limited exclusivity agreement. The minimum commitment would provide $16M USD in battery pack sales to Altairnano.

Phoenix Motorcars also announced today the receipt of 75 fleet orders from several municipalities and an utility company for its new zero-emission, all-electric, freeway-ready sport utility truck. The company, which is on target to manufacture and sell 500 fleet-ready vehicles by year’s end, will produce 16 pilot-build vehicles next month.

Some of the 16 vehicles will be used to continue validation of the federally mandated safety test process. The company is working to gain its U.S. Federal Motor Vehicle Certification.

The Phoenix Motorcars sport utility truck can cruise on the freeway at up to 95 m.p.h. while carrying five passengers and a full payload, the company says. It has a driving range of 130 miles, and its battery can be recharged in less than 10 minutes, the company claims.

A limited number of vehicles will be available to consumers in 2007 with an expanded-consumer launch scheduled for 2008. Phoenix will introduce a SUV model in late 2007.

Phoenix Motorcars is a privately-held company headquartered in Ontario, California.

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