UQM Technologies Announces Contract With Marine Corps to Develop Hybrid Electric Propulsion System to Power Small Unmanned Groun
August 24 2004 - 9:30AM
PR Newswire (US)
UQM Technologies Announces Contract With Marine Corps to Develop
Hybrid Electric Propulsion System to Power Small Unmanned Ground
Combat Vehicles Propulsion Motors to Be Developed are Expected to
Have Commercial Applications in Small Utility Vehicles Such as
Forklifts, Scissor Lifts and Golf Carts FREDERICK, Colo., Aug. 24
/PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. (AMEX:UQM), a
developer of alternative energy technologies, announced today that
it has received a $599,000 contract from the U.S. Marine Corps to
develop a hybrid electric propulsion system to power small unmanned
ground combat vehicles with vehicle weights of 500 pounds to one
ton. The propulsion system to be developed includes a 10 kW
propulsion motor, an in-line planetary gear set and a dual motor
controller with an integrated 60-hertz inverter, which will operate
when the vehicle is stationary. Inverters are used to convert
direct current (DC) output of power generation equipment to
110/220-volt alternating current (AC). Many household and
commercial products run on 110/220-volt AC and the vehicle will
have the capability to power a variety of such accessories. The
contract provides for an initial period of performance of two years
with additional options to 1) develop a generator and generator
controller; 2) integrate the developed system into a vehicle
platform; and 3) deliver additional hybrid electric systems for
specific military platforms, which if exercised, will increase the
value of the contract to $719,741. Commenting on the award, UQM
Technologies' Vice President of Operations, Ron Burton, said, "This
contract represents an excellent opportunity for the Company to
develop a dual use propulsion system that will not only meet the
Marine Corps objective for their highly mobile and readily
transportable small unmanned ground combat vehicle, but will also
be ideally suited for a broad range of small commercial utility
vehicles that are currently powered by lesser performing and
inefficient brushed DC motors. The motors to be developed under
this contract will be dimensionally sized and powered to be a
replacement motor system for these commercial vehicles and we
intend to aggressively pursue the adoption of this UQM(R) system
with a variety of small vehicle manufacturers." 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 for the
quarter ended June 30, 2004 and is available through our website at
http://www.uqm.com/ or at http://www.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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