Unique Mobility Enters Joint Venture to Manufacture
Electric and Hybrid-Electric Vehicles in Germany
FRANKFURT, Germany, May 10 /PRNewswire/ -- Unique Mobility, Inc. (Amex: UQM -
news) today announced that it has joined privately held EV Global Motors Company in two environmentally based joint
ventures.
The first of these joint ventures involves the participation by Unique and EV Global with Energy Conversion Devices (Nasdaq:
ENER - news), parent of Ovonic Battery, in a new company to manufacture and sell battery-electric, hybrid-electric and fuel
cell-electric vehicles for world markets. The new company, Unique Mobility Europa GmbH, will be headquartered near
Leipzig, in the Free State of Saxony, Germany.
According to Ray A. Geddes, Unique's Chairman and CEO, Unique Europa's first product will be an all-new battery-electric
minivan using an innovative composite structure. The vehicle design was developed in cooperation with Storz Design of Zell am
See, Austria, with engineering support by Design and Concept Engineering of Bosau, Germany.
Configured as either a 2-passenger cargo van or a 6-passenger commuter car, the vehicle will be powered by Ovonic Nickel
Metal Hydride (NiMH) batteries and Unique's integrated permanent magnet traction drive. European distribution will be
handled by Handelsgruppe K.G. Techno-Einkauf (Techno-Group) through specially appointed Volkswagen dealers.
''EV component suppliers, such as Ovonic and Unique, need higher volumes to warrant automated production,'' said Geddes,
''The Unique Europa joint venture will not only provide us with a 'captive' customer, but will also give us the critical mass to
lower costs for other customers.''
The second joint venture involves a minority participation by Unique in EV Global's investment in the environmentally sensitive
development of Windemere Island in the Bahamas. Windemere Island is one of the few pristine properties remaining in the
Bahamas and is being developed as a world class showcase for electric transportation and the use of clean energy sources.
The Windemere project is being sponsored by one of Unique's existing shareholders, VTZ Versicherungs Treuhand Zurich AG,
a Swiss environmental fund manager.
EV Global Motors Company (Los Angeles, California) is a private company formed by Lee Iacocca to develop and market
light electric transportation. EV Global is a shareholder of Unique and Mr. Iacocca is a member of Unique's board.
Energy Conversion Devices (Troy, Michigan) has developed the proprietary Nickel Metal Hydride Battery (NiMH) and, with
its joint venture partner, General Motors, is currently producing NiMH batteries for electric vehicles at its GM Ovonic facility. |
