ONTARIO, Calif. - January 12, 2007 - Phoenix Motorcars has announced the
receipt of 75 fleet orders from several municipalities and an utility company
for its new zero-emission, all-electric, freeway-ready sports utility truck. The
company, which is on target to manufacture and sell 500 fleet-ready vehicles by
year’s end, will produce 16 pilot-build vehicles next month.
Some of the 16 vehicles will be used to continue validation of the federally
mandated safety test process. The company is working with Boshart Engineering,
an Ontario, California company that specializes in vehicle certification
services, to gain its Federal Motor Vehicle Certification. “Boshart has already
made substantial progress towards certifying Phoenix’s vehicles,” said Dan
Elliott, CEO of Phoenix Motorcars. “Boshart has kept to a very aggressive
timetable.”
The company also confirmed that in consideration for a three-year exclusivity
agreement within the U.S., Altair Nanotechnologies, Inc. (NASDAQ: ALTI), a
leading supplier of nanomaterials and high-power battery systems technology,
received a 16.6 percent ownership in the company. The three-year exclusivity
agreement provides Phoenix with limited, exclusive use of Altairnano's NanoSafe™
battery packs in four-wheel, all-electric vehicles having a gross weight up to
6,000 pounds. Phoenix must meet minimum battery pack purchases, annually, to
maintain the limited exclusivity agreement. The minimum commitment to maintain
exclusivity for 2007 would provide $16 Million in battery pack sales to
Altairnano.
The Phoenix Motorcars sport utility truck can cruise on the freeway at up to
95 m.p.h. while carrying five passengers and a full payload, a capability that
has caught the attention of fleet dealers, consumers, Hollywood and the media.
It exceeds all specifications for a Type III ZEV and has a driving range of 130
miles. Its battery can be recharged in less than 10 minutes and has a life-span
of 12 years or more.
Phoenix Motorcars' 2007 market strategy targets operators of fleet vehicles,
such as public utilities, public transportation providers, and delivery
services. This market presents a significant opportunity as there are more than
200,000 fleet vehicles in the State of California alone, with an increasing
number of fleet operators now seeking freeway-capable, zero-emission,
all-electric vehicles. A limited number of vehicles will be available to
consumers in 2007 with an expanded-consumer launch scheduled for 2008. Phoenix
Motorcars will introduce a SUV model in late 2007.
“These are full-sized vehicles which carry five people at freeway speeds,”
said Elliott. “There is tremendous pent-up demand among fleet buyers for a real
zero-emission, all-electric vehicle, and we are well on our way to satisfying
this market demand.”
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