FREDERICK, Colo., Jan. 17 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today that it has received a $9.25 million production order from Phoenix Motorcars, Inc. for UQM(R) electric propulsion systems to power Phoenix's newly introduced all electric powered Sport Utility Truck (SUT). The order also includes an onboard UQM(R) DC-to-DC converter to power the vehicle instrumentation.
Deliveries under the order are tentatively scheduled over the next year. This order raises the Company's current product production backlog to approximately $14 million.
The Phoenix all electric SUT is powered by a 100 kW UQM(R) electric propulsion system which produces over 400 ft-lbs of torque, accelerates the vehicle from 0 to 60 miles per hour in less than 10 seconds, has a top speed of 100 miles per hour and operates at peak system efficiencies of over 94%. The vehicle's 35kWh NanoSafe(TM) battery pack supplied by Altair Nanotechnologies, Inc. (NASDAQ:ALTI) can be recharged in less than 10 minutes using Altair's proprietary technology and provides safe power and energy for the vehicle. In a typical fleet duty cycle the vehicle will travel up to 135 miles between charges. The vehicle is expected to qualify as a Type III ZEV in California.
Phoenix Motorcars' market strategy targets operators of fleet vehicles, such as public utilities, public transportation providers, and delivery services. This market presents a significant opportunity as there are more than 200,000 fleet vehicles in the State of California alone, with an increasing number of fleet operators now seeking freeway-capable, zero emission, all electric vehicles.
"The performance characteristics of the UQM(R) propulsion system, including its industry leading torque delivery and energy efficiency, adds substantially to the value proposition of our SUT," said Daniel J. Elliott, President and Chief Executive Officer of Phoenix Motorcars, Inc. "The performance capability of the propulsion system is a significant factor in the driving experience and vehicle utility for our customers and we are pleased to be partnered with a leader in electric propulsion technology and related vehicle electronic products." "We are pleased that Phoenix has selected our company as their strategic partner to supply propulsion systems for their electric SUT production program," said William G. Rankin, UQM Technologies, Inc. President and Chief Executive Officer. "This order represents a major milestone in the commercialization of our technology in the on-highway electric vehicle market and we are looking forward to supporting and participating in Phoenix's growth and success." Phoenix Motorcars, headquartered in Ontario, California, has been an industry leader in the development of battery electric freeway speed vehicles since 2001. The mission of Phoenix Motorcars is to manufacture zero emission vehicles to reduce the toxic emissions of the largest contributor to air pollution, personal automobiles. For additional information on the Company, please visit its worldwide website at http://www.phoenixmotorcars.com/.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at http://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 the timing for delivery of the products and the amount of product that will be delivered as well as 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. There can be no assurance that Phoenix will not cancel all or a part of the order that is cancelable. Other important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed October 31, 2006 which is available through our website at http://www.uqm.com/ or at http://www.sec.gov/. DATASOURCE: UQM Technologies, Inc.
CONTACT: John Baldiserra of BPC Financial Marketing, +1-800-368-1217, for UQM Technologies, Inc.; or Donald A. French of UQM Technologies, Inc., +1-303-278-2002 Web site: http://www.phoenixmotorcars.com/ Web site: http://www.uqm.com/
|