AUSTIN, Texas, Sept. 17, 2012 (GLOBE NEWSWIRE) -- Applied Nanotech Holdings, Inc. (OTCBB:APNT) announced today that it has been awarded a Phase II Small Business Innovation Research (SBIR) grant, in the amount of $999,990, from the U.S. Department of Energy to develop ultra lightweight hydrogen fuel tanks using carbon nanotube (CNT) reinforcement. This grant was awarded for a 24-month program with the overall objective to significantly improve the mechanical properties of the carbon fiber/epoxy material used to construct hydrogen fuel tanks with CNT reinforcement. The goal is to reduce the weight of the tanks by 20 percent or more. A weight reduction of this magnitude will not only significantly lower the hydrogen fuel tank costs but also increase the vehicle's fuel efficiency. In addition to hydrogen storage vessels, this technology can also be used in compressed natural gas tanks. The International Association of Natural Gas Vehicles reported that sales of composite pressure vessels are expected to reach $250 million by 2013, and upwards of $560 million by the end of the decade. "We are currently working with a variety of organizations across several industries tailoring our composite materials to improve the underlying products of our potential customers, and we continue to receive numerous contracts for nanocomposite research from the government," said Dr. Dongsheng Mao, Vice President of Engineering of Applied Nanotech, Inc. Applied Nanotech has developed CNT reinforced polymers for fiber composites for a wide range of applications. Yonex Corporation uses Applied Nanotech technology in its ultra lightweight badminton racquets and golf club shafts. Applied Nanotech also recently launched CNTstix TM, a family of ultra-strong structural epoxy adhesives. "Nanocomposite materials are a very important part of our business. We are aiming to accelerate the commercialization of our technology in several industries including sports and recreation, for products such as fishing rods, bicycles and snowboards, as well as body and vehicle protection such as helmets, body armor, vehicle and helicopter ballistic armor, and other applications," said Dr. Zvi Yaniv, CEO of Applied Nanotech, Inc. "With the capabilities of our Austin plant to produce 10-12 tons of carbon nanotube reinforced epoxy resin annually, the successful completion of this SBIR Phase II program could result in a product that can be immediately introduced to market."
About APPLIED NANOTECH HOLDINGS, INC.Applied Nanotech Holdings, Inc. (OTCBB:APNT) is a premier research and commercialization organization focused on solving problems at the molecular level. Its team of PhD level scientists and engineers work with companies and other organizations to solve technical impasses and develop innovations that will create a competitive advantage. The business model is to license patents and technology to partners that will manufacture and distribute products using the technology. Applied Nanotech has over 300 patents or patents pending. Applied Nanotech's website is http://www.appliednanotech.net. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties concerning our business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in our annual report on Form 10-K for the fiscal year ended December 31, 2011, and in reports subsequently filed by us with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at www.sec.gov or from our website listed above. We hereby disclaim any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.
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