UQM Technologies and Phoenix Motorcars to Collaborate on the Development of a Plug-In Hybrid Sport Utility Truck
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FREDERICK, Colo., April 25 - UQM TECHNOLOGIES, INC. (AMEX:UQM) announced today that it has completed an agreement with Phoenix Motorcars, Inc. to collaborate on the development of a plug-in hybrid model of a sport utility truck currently produced and sold by Phoenix as an all-electric vehicle.
Plug-in hybrid electric vehicles ("PHEV") use the same technology as the popular hybrids on the road today, but have a larger battery that can be recharged by plugging into a standard home outlet.Both standard hybrids and PHEV's are powered by a combination of electricity and liquid fuels. However, PHEV's draw their charge not only from the engine and captured braking energy, but from the electrical grid as well when they are plugged into a standard electrical socket. PHEV's have liquid fuel tanks and internal combustion engines, so they do not face the range limitation posed by electric-only cars. PHEV's are typically outfitted with a battery pack sufficient to power the vehicle from 20 to 60 miles on battery power alone. According to some reports, half of the cars on America's roads are driven 25 miles a day or less. A PHEV with a 25-mile range battery could eliminate gasoline use in the daily commute of millions of Americans while maintaining the capability to travel cross-country distances. An energy equivalency analysis between battery power and a gallon of gasoline has estimated that PHEV's can be operated at a cost of less than $1.00 per gallon.
The Phoenix Sport Utility Truck is a five-passenger dual cab pickup truck measuring 194 inches in length with a wheelbase of 108 inches. The vehicle has an independent torsion bar and double wishbone front suspension, rack and pinion steering and a 1/2 ton payload carrying capacity. The plug-in hybrid model to be developed will include a small gasoline fueled internal combustion engine, a UQM® PowerPhase 100 propulsion system and NanoSafe® lithium titanate batteries from Altair Nanotechnologies, Inc. (NASDAQ:ALTI).
"The development of a plug-in hybrid model of our sport utility truck is an important expansion of our model offering that we expect will meet the needs of a broader range of customers. Plug-in hybrids offer the opportunity to operate the vehicle in the most common driving environments in all-electric mode, saving money and reducing emissions, while maintaining the flexibility to travel cross-country. We believe a potentially large market will develop for this category of vehicle and we intend to develop a high performing vehicle that our customers can be excited to own and drive," said Dan Elliott, President and Chief Executive Officer of Phoenix Motorcars, Inc.
"We are excited about the opportunity to collaborate with Phoenix Motorcars on this exciting new development. Plug-in hybrid electric vehicles present us with a tremendous opportunity to achieve broader market share for our propulsion systems and electronics. We are looking forward to participating in the development and launch of another exciting Phoenix model with our other strategic partners, Boshart Engineering and Altair Nanotechnologies", said William G. Rankin, UQM Technologies' President and Chief Executive Officer.
Phoenix Motorcars Inc.,a privately-held company headquartered in Ontario, Calif., 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 including Sport Utility Trucks and Sport Utility Vehicles to reduce the toxic emissions from the largest contributor to air pollution, personal automobiles. For additional information, visit 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, plug-in 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 www.uqm.com.
Source: 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
www.phoenixmotorcars.com
www.uqm.com
