With fresh cash, Altairnano eyes growing energy storage market

Advanced battery company Altair Nanotechnologies has closed on a $57.5 million investment from Canon Investment Holdings Limited.

The investment was first announced in September of 2010.

“While this transaction took considerably longer to close than expected, the Canon investment allows us to now focus on growing the business and creating shareholder wealth,” said Terry Copeland, president and CEO of Altairnano.

“The investment in Altairnano represents an important milestone for both companies to significantly grow our businesses and accelerate the commercialization of the Altair lithium-titanate technology,” added Wei Yincang, chairman of Canon.

Based in Reno, Nevada, with manufacturing facilities in Indiana, Altairnano produces nano lithium-ion titanate-based battery systems that can be used for frequency regulation and renewables integration for the electric grid, and battery modules and cells for transportation and industrial applications.