UQM Technologies Hybrid Electric Propulsion System Selected by Stewart & Stevenson for U.S. Army Future Heavy Truck Demonstrator
September 27 2005 - 9:30AM
PR Newswire (US)
FREDERICK, Colo., Sept. 27 /PRNewswire-FirstCall/ -- UQM
TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy
technologies, announced today that it has been selected by Stewart
& Stevenson Services, Inc. (NYSE:SVC) to provide a UQM(R)
hybrid electric propulsion system for use on a U.S. Army future
heavy truck demonstrator. The custom UQM(R) hybrid electric
propulsion system is being provided in support of the Stewart &
Stevenson Tactical Vehicle Systems, LP (TVS) recently announced
contract award to develop a prototype as part of the U.S. Army's
evaluation of a next generation tactical wheeled vehicle. The
Stewart & Stevenson contract, which is part of the Army's
Future Tactical Truck System (FTTS) effort, extends the current
National Automotive Center's Maneuver Sustainment Vehicle (MSV)
modeling and simulation program to prototype stage. The FTTS is
being built to support Future Force units equipped with the Future
Combat Systems (FCS). The MSV program will allow the U.S. Army to
evaluate the need and performance requirements for a future
tactical vehicle that eventually could satisfy both the heavy and
medium fleet. Chris Chambers, Vice President Medium & Future
Systems at TVS said, "Our award reflects a high level of confidence
in TVS' product design and development skills across the tactical
vehicle spectrum, as well as those of UQM Technologies and our
other supplier partners. Lessons derived from conducting this
demonstrator phase will be integrated with our Family of Medium
Tactical Vehicles (FMTV) enhancement program -- the FMTV A2 -- to
ensure the U.S. Army continues to operate the most advanced
tactical truck fleet in the world." "We are pleased to be part of
the Stewart & Stevenson TVS team win and to have the
opportunity to provide an advanced UQM(R) hybrid electric
propulsion system as part of the US Army's Future Tactical Truck
System program," said William G. Rankin, President and Chief
Executive Officer of UQM Technologies, Inc. "We have incorporated a
number of recent technology advancements into our proprietary
permanent magnet motor and controller systems that have further
improved their performance, power density and efficiency, as well
as their reliability, durability and cost. The advantages of our
systems are being recognized in a number of military vehicle
applications, which we believe represents an important and growing
market for the Company." Stewart & Stevenson Services, Inc.
(NYSE:SVC), founded in 1902, is a billion-dollar company that
manufactures, distributes, and provides service for a wide range of
industrial products and diesel-powered equipment to key industries
worldwide, including power generation, defense, marine, petroleum
and transportation. The Company has produced over 30,000 FMTV
vehicles since 1991 from their state-of-the-art facility in Sealy,
Texas. The FMTV, which includes 2.5-ton, 5-ton and 10-ton trucks in
more than 15 active variants, has become the platform of choice for
the U.S. Army. For more information on Stewart & Stevenson
visit http://www.ssss.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, 42-volt
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 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 are contained in our
Form 10-Q filed August 3, 2005, 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; or Donald A. French of UQM
Technologies, Inc., +1-303-278-2002 Web site: http://www.ssss.com/
Web site: http://www.uqm.com/
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