Dubai-based investor group Al Yousuf LLC has acquired $40 million worth of common stock in Altair Nanotechnologies Inc. (Nasdaq: ALTI) through a private placement.
Altair Nanotechnologies is a provider of advanced nanomaterial-based products and technology used in energy for transportation and stationary power as well as industrial and life science applications.
Altair Nanotechnologies will issue 11,428,572 shares of common stock to Al Yousuf LLC at a purchase price of $3.50 per share. The shares are restricted from resale for at least two years, with one-third of the shares being released from this restriction on the second, third and fourth anniversaries respectively.
“The funding is intended to support manufacturing growth, working capital and general corporate purposes as we expand the production of our advanced power and energy storage products,” said Altairnano President and CEO Alan J. Gotcher, Ph.D. “The strategic investment partnership with Al Yousuf allows us to continue to have an impact on the dynamics of the transportation and stationary power markets.”
“We see the tremendous global growth opportunity for Altairnano’s innovative battery technology in both the transportation and stationary power markets,” said Iqbal Al Yousuf, President of Al Yousuf LLC. “Given our transportation expertise, we believe these markets are ready for Altairnano’s clean, powerful and scaleable energy storage systems.”
ABOUT THE AL YOUSUF LLC
Al Yousuf LLC was founded in Dubai in 1953 and since that time has steadily grown to become one of the leading commercial groups in the United Arab Emirates. Al Yousuf operates in a wide range of industries including automobiles, marine, manufacturing, real estate, information and communication technology, electronic goods and chemicals. Al Yousuf now has a network of subsidiaries and associate companies that in aggregate have more than 3,000 employees.
With partnership at the core of all of its activities, Al Yousuf has developed strong value-added relationships with major international companies such as Chevrolet, Yamaha, Daihatsu, Daewoo and Suzuki in the automotive and marine sectors, LG in electronics and ATI/Sapphire, CNet, Concerto-Aspect, Epson NEC, SimpleTech and ViewSonic in the information and communication technology sector.
ABOUT ALTAIR NANOTECHNOLOGIES INC.
Altairnano is an innovator and supplier of advanced ceramic nanomaterials. The company has developed nanomaterials for the alternative energy, performance materials and life sciences markets based on its proprietary materials and manufacturing process. This process also provides the foundation for its innovative AHP pigment process. Altairnano is a manufacturer of advanced battery pack systems, which are used in stationary power applications, and electric and hybrid-electric vehicles.
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