UQM Technologies Receives Follow-On Contract From the U.S. Army to Continue Development of Advanced Vehicle Propulsion Motor
June 26 2007 - 9:30AM
PR Newswire (US)
FREDERICK, Colo., June 26 /PRNewswire-FirstCall/ -- UQM
TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy
technologies, announced today that it has received a follow-on
contract from the U.S. Army's Tank - Automotive and Armaments
Command (TACOM) to continue the development of an advanced vehicle
propulsion motor for application as a wheel mounted electric
propulsion system. The ten month development effort will focus on
refinements to the assembly process and design improvements to the
proprietary permanent magnet electric concept motor that has
demonstrated the potential to triple the torque capability of
existing UQM(R) propulsion motors. Army funding for the cost-share
project is $244,608 or 77 percent of the total effort. "The proof
of concept motor built and tested in the initial phase of this
program validated the enhanced performance capability of this new
proprietary propulsion system design. This contract will allow us
to develop a number of design enhancements to the proof-of-concept
propulsion system which we believe will lead to improved
performance and ease of construction. This program is focused on
expanding the ability of our permanent magnet propulsion motors to
deliver higher levels of torque and power in a small package which
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 to meet this industry requirement."
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
http://www.uqm.com/. This 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
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 and the
adequacy of our cash balances and liquidity to meet future
operating needs. Important Risk Factors that could cause actual
results to differ from those contained in the forward- looking
statements are contained in our Form 10-K filed May 17, 2007, 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.uqm.com/
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