UQM Technologies Propulsion System to Power Electric Transit Bus Being Developed in Japan
March 08 2004 - 8:30AM
PR Newswire (US)
UQM Technologies Propulsion System to Power Electric Transit Bus
Being Developed in Japan Waseda University Electric Transit Bus
Development Sponsored by Prominent Corporate Partners FREDERICK,
Colo., March 8 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. , a
developer of alternative energy technologies, announced today that
its PowerPhase(TM) 75 propulsion system will power an electric
transit bus being developed by Japan's Waseda University in
collaboration with corporate sponsors Mitsui Engineering and
Shipbuilding Company, Toshiba Engineering, Hino Motors Ltd. and
Tokyo Electric Power Co., Inc. The electric transit bus is expected
to be placed in service on a route linking the Waseda University
campus to a nearby transit stop for the Shinkansen bullet train. As
part of the project, Waseda University is also developing a battery
charging system for the electric bus that will be powered
principally from renewable energy resources such as solar and wind
power. "We are pleased to add Waseda University, one of the most
prestigious and influential technical universities in Japan, and
their blue chip roster of sponsoring Japanese companies to the
expanding list of customers who have selected UQM(R) propulsion
systems for their advanced vehicle development activities. Our
propulsion systems are ideally suited to power electric vehicles of
this class and our exceptional energy efficiency will help ensure
that the electric bus delivers the maximum miles of service
possible between battery charges," said William G. Rankin,
President and Chief Executive Officer of UQM Technologies, Inc. UQM
Technologies, Inc. is a developer and manufacturer of power dense,
high efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, telecommunications,
medical, military and industrial markets. A major emphasis of the
Company is developing products for the alternative energy
technologies sector including power 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. Its electronic
products manufacturing facility is located in St. Charles,
Missouri. 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 ourplans, 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; the charge to earnings that will result from the sale
or closure of the Company's contract electronics manufacturing
business during the quarter ending March 31, 2004; the adequacy of
the Company's cash balances and liquidity to meet future operating
needs, and the ability of the Company to issue equity or debt
securities; the expected amount of future losses from continuing
operations; and the effect of legal actions and claims that the
Company is involved in. Important Risk Factors that could cause
actual results to differ from those contained in theforward-looking
statements are contained in our Form 10-Q for the quarter ended
December 31, 2003 and is available through our website at uqm.com
or at sec.gov. DATASOURCE: UQM Technologies, Inc. CONTACT: Donald
A. French, Treasurer of UQM Technologies, Inc., +1-303-278-2002 Web
site: http://www.uqm.com/
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