UQM Technologies Receives Contract From the U.S. Army to Develop Advanced Vehicle Propulsion Motor
February 15 2005 - 8:30AM
PR Newswire (US)
UQM Technologies Receives Contract From the U.S. Army to Develop
Advanced Vehicle Propulsion Motor Development to Focus on New
Design With the Potential to Triple the Torque Capability Compared
to Existing UQM(R) Propulsion Motors for Application as a Wheel
Mounted Electric Propulsion System in Hybrid Electric Combat
Vehicles Being Developed Under the Army's Future Combat Systems
Program FREDERICK, Colo., Feb. 15 /PRNewswire-FirstCall/ -- UQM
TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy
technologies, announced today that it has received a contract from
the U.S. Army's Tank -- Automotive and Armaments Command (TACOM) to
develop an advanced vehicle propulsion motor for application as a
wheel mounted electric propulsion system for hybrid electric combat
vehicles being developed under the Army's Future Combat Systems
(FCS) program. The one year development effort will focus on the
validation of a proprietary new design for a permanent magnet
electric motor that has the potential to triple the torque
capability compared to existing UQM(R) propulsion motors. Army
funding for the cost-share project is $242,548 or 77 percent of the
total effort. "We believe that this development program has the
potential to represent the next significant advancement in our
permanent magnet motor technology. The development of our
proprietary design concept, if successful, will result in a motor
with three times the torque in the same volume or space as an
existing UQM(R) motor. The ability of electric motors to deliver
higher levels of torque and power in a small package is critical to
the success of wheel motors for large military vehicles that are
candidates for hybrid electric propulsion", said William G. Rankin,
UQM Technologies' President and Chief Executive Officer. "We expect
through this development program and our other ongoing development
activities, to continue to expand the performance capabilities of
our proprietary permanent magnet propulsion systems technology."
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
January 27, 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, for UQM Technologies, Inc.; or Donald
A. French of UQM Technologies, Inc., +1-303-278-2002 Web site:
http://www.uqm.com/
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