| Press Release 06-22 | |
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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 Receives $1.08 Million Contract Supplement from the U.S. Air Force to Develop Silicon Carbide Electronic Controller | |
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| Advanced Motor/Generator Controller to be Field Tested in an Air Force Hybrid Electric or Electric Vehicle | |
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FREDERICK, COLORADO, JANUARY 11, 2006... UQM TECHNOLOGIES, INC. (AMEX:UQM) announced today that it has been awarded a $1.08 million contract supplement to an existing U.S. Air Force contract to convert a conventional one-half ton pickup truck to all-electric operation using an optimized configuration of currently available advanced technologies. The contract supplement expands the scope of work to add the development of an electronic motor/generator controller that utilizes high operating temperature silicon carbide power switching modules. The controller is being developed for the USAF Advanced Power Technology Office of the 542nd Combat Sustainment Wing at Robins Air Force Base in cooperation with the U.S. Army National Automotive Center and Mississippi State University. The USAF expect to field test the controller in at least one of the Air Force’s hybrid electric vans, buses and/or in the all-electric pickup truck powered by lithium ion batteries currently being built by the Company. The contract supplement increases the total contract value to $1.83 million and extends the expected completion date to March 31, 2007. Initial delivery and testing of the all-electric pickup truck will not be impacted by the contract supplement and is scheduled for March 2006. Commenting on the award, Jon Lutz, UQM Technologies’ Director of Engineering said, “This program is focused on the development and application of high power silicon carbide modules that are currently not available. Silicon carbide power modules offer the advantage of substantially higher operating temperatures when compared to traditional silicon modules, and motor/generator controllers that use silicon carbide are able to operate in harsher environments which opens up new platform opportunities and simplifies vehicle architectures. This technology is of significant interest to both military and commercial hybrid electric vehicle customers, and we are excited that the Air Force has selected UQM to lead this effort.” 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 October 27, 2005 which is available through
our website at www.uqm.com or at www.sec.gov.
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