From AFX News Limited
DETROIT — Aluminum producer Alcoa Inc.’s AFL Automotive business and Altair Nanotechnologies Inc. said Wednesday they have signed an agreement to develop a battery pack system for medium-duty hybrid trucks.
Financial terms were not disclosed.
The companies will combine Altairnano’s NanoSafe battery technology and AFL’s electrical interconnect and application technology to integrate the battery pack system into the vehicle’s electrical setup.
The joint development agreement is expected to be completed in early 2007.
Alcoa shares rose 22 cents to $29.12 in morning trading on the New York Stock Exchange. Shares of Reno, NV-based Altair rose 6 cents to $3.44 on the Nasdaq.
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