Global energy company AES Corporation (NYSE: AES) has made a $3 million strategic investment in Altair Nanotechnologies Inc. (Nasdaq: ALTI), a development stage manufacturer of battery pack systems for electric and hybrid-electric automobiles and stationary power systems.
AES purchased 895,523 treasury shares of Altair common stock at $3.35 per share, representing about 1.5% of Altair’s shares.
“Advanced battery technologies have the potential to transform both the electricity and transportation sectors,” said Robert Hemphill, AES Executive Vice President. “The batteries that Altairnano is beginning to ship, with their high power density and extended cycle life, offer great promise for powerful, fast charging electric vehicles and other applications.”