| Press Release 06-11 | |
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Contact:
John Baldiserra BPC Financial Marketing (800) 368-1217 or Donald A. French, Treasurer (303) 278-20 |
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| UQM Technologies Awarded Contract to Develop Advanced Traction Motor for the U.S. Department of Energy's FreedomCar Program | |
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FREDERICK, COLORADO, AUGUST 15, 2005 ... UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, announced today that it has been awarded a contract by UT-Battelle, LLC, which operates the Oak Ridge National Laboratory (ORNL), to develop an advanced traction motor for the U.S. Department of Energy's (DOE) FreedomCAR and Vehicle Technologies Program. This research supports the goals of the FreedomCAR and Fuel Partnership, an industry/government research initiative focused on collaborative, pre-competitive, high-risk research to develop the component technologies necessary to provide a full range of affordable cars and light trucks, and the fuel infrastructure to support them, that will free the nation's personal transportation system from petroleum dependence and from harmful vehicle emissions, without sacrificing freedom of mobility and freedom of vehicle choice. The goal of the FreedomCAR and Fuel Partnership is fundamental and dramatic — the development of emission- and petroleum-free cars and light trucks. The Partnership is closely linked to the President's $1.7 billion initiative announced in January 2003 which addresses the key technology and infrastructure barriers of hydrogen fuel cell vehicles. The $293,000 Phase I development effort will be conducted over a nine month period with the DOE providing funding of $146,500 or 50 percent. The development effort will be focused on permanent magnet traction motors that are high performing and highly energy efficient using new and novel materials and configurations to reduce manufacturing costs. “We are proud to have been selected to develop an advanced traction motor in response to the Request for Proposals issued by ORNL. We believe recent advancements in the performance and efficiency of our propulsion systems, together with the additional development activities envisioned under this program, will allow us to develop a traction motor that delivers expected performance within manufacturing cost targets,” said William G. Rankin, UQM Technologies, Inc. President and Chief Executive Officer. 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 www.uqm.com . |
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| .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; the adequacy of our cash balances and liquidity to meet future operating needs, and our ability to issue equity or debt securities; and the effect of legal actions and claims that we are involved in. 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 August 3, 2005 which is available through our website at www.uqm.com or at www.sec.gov. | |
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