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Wednesday August 21, 1:45 pm Eastern Time
Press Release
SOURCE: UQM Technologies, Inc.
UQM Technologies Showcases Concept Hybrid Electric Lawn and Garden Tractor Developed for Deere & Company at Annual Meeting of the Company's Shareholders
CEO Bill Rankin Emphasizes That Off-Highway Hybrid Electric Applications For The Company's Propulsion System Technology are Expected to Play a Broader Role In the Company's Commercialization Strategy and Future Growth
GOLDEN, Colo., Aug. 21 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (Amex: UQM - News) Chief Executive Officer, William G. Rankin, told shareholders today at the Company's Annual Meeting of Shareholders that off-highway hybrid electric applications of the Company's permanent magnet propulsion system technology are expected to play a broader role in the Company's commercialization strategy. Featured at the meeting was a concept fully functional hybrid electric 300 Series lawn and garden tractor developed for Deere & Company (NYSE: DE - News). The hybrid electric lawn tractor displayed at the shareholders meeting has been equipped with independently controlled motors in each rear wheel and a precision steering system which provides an electric pivot steering capability. This hybrid concept features two UQM® motors, which are modifications of wheelchair propulsion motors currently in volume production, and innovative motor controller systems and software. In addition, the hybrid electric lawn tractor consumes less fuel, has lower exhaust emissions and features on-board electric generation sufficient to power a wide-range of electrically powered lawn care accessories as well as being a potential source of back-up power generation for the owner's household in the event of a power outage. ADVERTISEMENT
"This hybrid electric lawn tractor is one of several concept products under development for Deere and Company in our multi-year collaboration," added Mr. Rankin. "Deere and Company is a pioneer in the development of products for the multiple markets they serve and the hybrid electric lawn tractor has the potential to further expand the capability of this John Deere product line by improving vehicle performance and fuel efficiency and providing mobile power generation."
Mr. Rankin told shareholders that the expanding role of hybrid electric technology in military and robotic vehicle applications is expected to become a larger part of the Company's future business. He cited recent contract awards by the Company including being selected as the propulsion systems supplier for the Unmanned Ground Combat Vehicle being developed for the Army by Carnegie Mellon University's National Robotics Engineering Consortium, Boeing and PEI Electronics, a unit of Integrated Defense Technologies; and the Gladiator Tactical Unmanned Ground Vehicle being developed for the Office of Naval Research by Carnegie Mellon. Mr. Rankin also noted that two hybrid electric HMMWV's developed jointly by AM General and PEI Electronics were recently delivered to Aberdeen Proving Ground for performance testing and evaluation. The hybrid electric HMMWV's are powered by two UQM® propulsion systems and one UQM® generator. The vehicle deliveries are the culmination of a one year effort by PEI Electronics and AM General, the manufacturer of diesel powered HMMWV's and the commercial version, called the Hummer, which is marketed by General Motors, focused on modifying the design and performance characteristics of earlier prototypes to meet the U.S. Army's performance specifications in a more production ready design.
At the meeting, shareholder's elected the nominated slate of Directors, ratified the continued appointment of KPMG LLP as independent auditors and ratified the adoption of the 2002 Equity Incentive Plan.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic inverters for the automotive, aerospace, telecommunications, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including power systems for electric, hybrid electric and fuel cell electric vehicles, 42 volt under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters and engineering and product development center are located in Golden, Colorado. Manufacturing facilities are located in Frederick, Colorado (electric motors) and St. Charles, Missouri (electronic assemblies and wire harnesses). For more information on the Company, please visit its worldwide website at www.uqm.com .
This press release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this press release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, the development of markets for our products. Important risk factors that could cause actual results to differ from those contained in the forward-looking statements include our ability to be profitable, our ability to obtain additional financing, our reliance on major customers and suppliers, our ability to commercialize our products, our ability to manage growth and the possibility that product liability insurance may become unavailable to us.
SOURCE: UQM Technologies, Inc.
Thursday July 18, 3:39 pm Eastern Time
Press Release
SOURCE: Electric Fuel Corporation
Electric Fuel: A World Record 127 Miles For Zinc Air Bus With Added Ultra Capacitors
New All Electric Hybrid System to Offer Lower Operating Cost to Bus Operators
NEW YORK, July 18 /PRNewswire-FirstCall/ -- Electric Fuel Corporation (Nasdaq: EFCX - News), the world's leading zinc-air fuel cell company announced today that its all-electric bus powered by the Company's zinc air fuel cell technology has demonstrated a record 127-mile range under rigorous urban conditions. In a test conducted this week a pack of ultra capacitors was added to the bus, greatly increasing the system's efficiency. Conducted under the same conditions of an earlier test, improvements in the main zinc-air fuel cell combined with the addition of ultra capacitors increased the bus's range from 101 to 127 miles, a 25% increase.
This drive was the last test drive planned under phase II of the Zinc-Air All Electric Transit Bus program with the Federal Transit Administration. The submission of the final test results, expected within two months, will conclude the obligations to the FTA for this program.
The test drive was conducted on the former Griffith Air Force base near Rome, New York, with the bus traveling under typical city bus driving conditions, including stop and go, acceleration and constant speed. The Company believes the 127 miles driven to be a world record. As a measure of comparison, the average normal full day cycle for New York City buses is less than 90 miles. The Company believes that these test results clearly indicate that all-electric buses utilizing Electric Fuel's Zinc-Air technology have sufficient range to offer a practical solution for helping to eliminate bus pollution in central cities.
The Electric Fuel All Electric Transit Bus is designed to operate as a full-size, zero emission 40-foot bus having a 20-ton gross vehicle weight (including passengers) and operating all standard bus features, including air conditioning.
Mr. Yoel Gilon, vice president of Electric Fuel's Electric Vehicle Program said, "The ultra capacitors clearly increase driving range, acceleration and overall efficiency and with our improved zinc air fuel cells the performance achieved surpassed even our own expectations."
Mr. Yehuda Harats, Electric Fuel's President and Chief Executive Officer said, "These superb results also help in reducing the operating costs of bus operators. Our system is now in a better position to compete with hybrid diesel and hydrogen fuel cell technologies. It's a big boost for our increased effort to commercialize the system and make our cities a better place to live in."
About Electric Fuel
With corporate and sales offices in New York and London, England, and manufacturing and R&D facilities in Israel and Alabama, Electric Fuel Corporation is a world leader in primary and refuelable Zinc-Air fuel cell technology, pioneering advancements in consumer electronics, electric vehicles, and defense and safety products. Electric Fuel's INSTANT POWER(TM)batteries and chargers are based on the Company's patented, cutting-edge Zinc-Air fuel cell technology, and are on sale at retail outlets throughout the United States, Canada, Europe and Israel. For more information on Electric Fuel, please visit our web site at electric-fuel.com, or find out more about our consumer products at instant-power.com.
All brand names mentioned in this release are trademarks or registered trademarks of their respective owners.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Electric Fuel's products; market acceptance of new products and continuing product demand; the ability to manage growth and ramp-up production effectively as needed; the impact of competitive products and pricing on Electric Fuel's products and markets; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements; and other risk factors detailed in Electric Fuel's most recent annual report on Form 10-K for the fiscal year ended December 31, 2001, and other filings with the Securities and Exchange Commission. Electric Fuel assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
SOURCE: Electric Fuel Corporation |
