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RENO, Nev. (Dow Jones)--After receiving two new patents and a National Science Foundation grant, Altair Nanotechnologies Inc. (ALTI) said it achieved a breakthrough in Lithium Ion battery electrode materials enabling it to introduce a new generation of rechargeable batteries.
Shares of Altair were trading up 119.7%, or $2.49, at $4.57, in composite activity Thursday afternoon, on volume of 47.8 million shares. Average daily trading volume is 871,659 shares.
Altair's announced its first patent award on Jan. 7 and the other on Jan. 14; the National Science Foundation grant was successfully completed in January.
In a press release Thursday, the company said its new materials will enable the manufacturing of rechargeable batteries with three times the power of existing Lithium Ion batteries at the same price.
The company also noted the batteries will be able to recharge much quicker than current products.
The fast-charging battery will be marketed to consumers in areas such as handheld power tools, hybrid electric vehicles, portable electronics and medical surgery tools.
Altair said it already has confidentiality agreements in place with some battery development companies to commercialize the battery electrode materials.
Company Web site:
http://www.altairnano.com.
-Geoffrey Rogow; Dow Jones Newswires; 201-938-5400;
AskNewswires@dowjones.com
Corrected Feb. 10, 200515:53 ET (20:53 GMT)