GOLDEN, Colo., June 13, 2002 — UQM Technologies Inc. President and Chief Executive Officer William G. Rankin told The New York Society of Security Analysts 6th Annual Alternative Energy Industry Conference recently that demand for the Company’s proprietary high-efficiency electric motors, generators and power electronic inverters for alternative energy products continues to increase.
“Although gasoline prices have fallen from their $2.00-plus per-gallon highs of a year ago and California’s rolling brown outs are no longer in the daily news, the demand for clean, efficient, alternative energy systems continues to grow,” said Rankin. “Our proprietary product sales and technology development revenue for our recently completed fiscal year were up nearly 25%. The Company is in an excellent position to further expand the applications of its technology in two high-growth alternative energy markets: 1) advanced vehicle power systems for electric, hybrid electric, fuel cell electric vehicles including vehicle auxiliaries, and 2) distributed power generation systems, including engine-based power generation, wind turbines and power electronic inverters.”
Rankin also noted that the Company has a variety of new and exciting engineering development programs underway that are providing significant opportunities to develop and supply products in both large existing, as well as high-potential, emerging markets for commercial and military customers. Several of the Company’s recent announcements include:
* The funding and completion of the initial design and testing of a modular power electronic inverter for distributed power applications. The new inverter product, which is designed to convert direct current (DC) output of power generation equipment to 110/220 volt alternating current (AC), is 96 percent efficient, features low harmonic distortion sine wave output and digital signal processing control in a package one-third the size of conventional inverters.
* The commencement of in-service testing by United Parcel Service (UPS) of the industry’s first hybrid electric package delivery vehicle propelled by two UQM® PowerPhaseâ„- 100 systems and a generator.
* Successful completion of testing and the commercial availability of our Integrated Electric Traction System (INTETS), an advanced propulsion system for electric, hybrid electric and fuel cell electric vehicles. The system, which is designed to be the sole propulsion system for mid-size vehicles and as an axle drive for larger vehicles, measures just 15 inches in length and 11 inches in diameter (excluding an optional electronic inverter), has a peak efficiency in excess of 91 percent (including gear reduction), a continuous power rating of 30kW, peak power of 75kW and peak torque of 1,700 N-m.
Added Rankin, “Virtually all of UQM’s product development costs are customer funded, providing a significant financial benefit to the Company and its shareholders and demonstrating the seriousness of our customers and the value they place on our technology.”
The NYSSA’s Alternative Energy Conference was designed to provide those attending an opportunity to listen to senior executives from leading alternative energy companies discuss how they are commercializing alternative energy sources such as distributed power, solar power, fuel cells, photovoltaics and wind power. The New York Society of Security Analysts, Inc. is a not-for-profit educational organization whose twin goals are to inform and educate investors and to advance the professional competence of investment professionals including portfolio managers, security analysts, investment advisors, and others involved in the investment process.
UQM Technologies, Inc. is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic inverters 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 distributed power generation applications. The Company’s headquarters and engineering and product development center are located in Golden, Colorado. Manufacturing facilities are located in Frederick, Colorado, (electric motors) and St. Charles, Missouri, (electronic assemblies and wire harnesses). For more information on the Company, please visit its worldwide website at www.uqm.com.