Raser Awarded 2007 Hybrid Motor Vehicles Technology Innovation of the Year
PROVO, Utah--Raser Technologies, Inc. (NYSE Arca: RZ) today announced that it has been selected to receive the 2007 Hybrid Motor Vehicles Technology Innovation of the Year Award by Frost & Sullivan, one of the world’s leading global growth consulting companies. This is the second innovation award received by Raser in 2007. In addition to this award for Hybrid Vehicle Technology, Raser was also recognized recently for its innovations in industrial and commercial motors and drives. Patrick Schwartz, President of Raser Technologies, will receive the award at a banquet ceremony to be held June 13, 2007 in Newport Beach, California.
Sanjeev R. Sridharan, an Analyst from Frost & Sullivan said, “Raser
received this award because of its contributions in the development of
eco-friendly, fuel efficient systems that offer automakers a more cost
competitive alternative in hybrid and plug-in hybrid vehicles.”
In addition to developing innovative technology, Raser has also demonstrated its leadership in the advancement of plug-in hybrid vehicles as the co-founder of the Plug-In Hybrid Development Consortium (hybridconsortium.org), an organization of advanced technology suppliers, utility companies and other organizations working together to help automakers accelerate the commercial development of plug-in hybrid vehicles.
In order for hybrid vehicles to make significant gains in fuel economy and greater reductions in emissions, higher power and more economical electric drives and batteries are needed. Raser’s advancements in high power AC induction motor drive systems allow more affordable plug-in hybrids to drive predominantly under electric power.
Jim Spellman, Director of Business Development for Raser, said, “This award recognizes Raser’s leadership role in the development of more powerful electric motor drive systems needed for more cost-effective plug-in hybrid electric vehicles. The next generation of hybrids will be able to drive much further on electric power, thus enabling them to make large gains in fuel economy while reducing emissions dramatically.” Before joining Raser, Mr. Spellman formerly served as the Director of Engineering for Hybrid Systems at Delco-Remy and was team leader on the development of the electric motors now used in the first full-sized hybrid SUV soon to be on the market this fall.
“When consumers soon discover that plug-in hybrids could deliver over 100 mpg and allow them to do most of their local driving on electric fuel, averaging just 80 cents per equivalent gallon, we believe consumer demand will drive hybrid sales up dramatically around the world,” said Patrick Schwartz, President of Raser Technologies.
Hybrid vehicle market share is expected to grow by five times over the next three years to over two million vehicles sold according to global industry analyst B&D. Analysts also generally agree that the introduction of plug-in hybrids into the market may cause market share forecasts to be reevaluated due to significant increases in consumer benefits and value.
About the Best Practices Award
The Frost & Sullivan Best Practices Awards recognize companies for demonstrating outstanding achievement and superior performance in areas including technological innovation, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry. More information about the awards can be found at www.awards.frost.com.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com or www.technicalinsights.frost.com.
About Raser Technologies, Inc.
Raser is a publicly-traded technology licensing and development company operating in two business segments. Raser's Transportation and Industrial Technology segment focuses on using Raser's Symetron™ technology to improve the efficiency and power density of electric motors and other applications. Raser's Power Systems segment is seeking to develop new geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron™ technology. Further information on Raser may be found at: www.rasertech.com.
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