UQM Technologies Selected by Ecostar to Supply Fuel Cell Compressor Drive Motors
GOLDEN, Colo., Feb. 12 /PRNewswire/ -- UQM TECHNOLOGIES, INC. (Amex: UQM) announced today that it has been selected by Ecostar Electric Powertrain and Power Conversion Systems to supply fuel cell compressor drive motors. The motors are a critical component of the auxiliary motor and control system designed and integrated by Ecostar. The UQM compressor drive motors are highly energy efficient and have been optimized for the specialized operating characteristics of fuel cell engines.
"Our selection by Ecostar to supply compressor drive systems for Ford's and DaimlerChrysler's next generation of fuel cell vehicles is the culmination of a nearly two year development collaboration with Ecostar. The combination of our expertise in highly efficient motors and Ecostar's expertise in system design, integration and inverter electronics has resulted in our selection as a supplier by the world leaders in fuel cell engines," said William G. Rankin, President and Chief Executive Officer of UQM Technologies.
"This joint development with UQM Technologies has resulted in an auxiliary motor and inverter system designed specifically to meet very demanding power, weight and package size requirements of fuel cell engine vehicles. We are pleased to have UQM Technologies as a supplier," said Ross Witschonke, President and Chief Executive Officer of Ecostar.
The Ecostar auxiliary system powers and controls the compressed air system of the fuel cell engine. Substantially all fuel cell engines use an air transfer system to facilitate the chemical reaction inside the fuel cell that leads to the production of energy. The air transfer system uses a compressor driven by an electric motor that consumes a portion of the electricity produced by the fuel cell to enable the fuel cell's operation. Improvements in the efficiency of fuel cell auxiliary systems improve the overall energy output of the fuel cell engine. Automobiles powered by fuel cell engines, use the energy in the fuel almost twice as efficiently as a gasoline engine and are virtually silent and environmentally friendly.
Ecostar Electric Drive Systems was formed in 1998 and is part of the fuel cell alliance between Ford Motor Company, Ballard Power Systems and DaimlerChrysler. Ford owns 62 percent of Ecostar, while DaimlerChrysler and Ballard own 17 percent and 21 percent respectively. Ecostar is the primary development center for the alliance's power electronics and electric drives. Ecostar's specific area of expertise includes power conversion, mechanical design, hardware and software for motor and vehicle controls and system integration. Ecostar's components are applicable to all types of electric vehicles, including fuel cell powered, battery and hybrid electric vehicles. Ecostar also develops power inverters and controls for stationary power generation. Ecostar is located in Dearborn, Michigan, with offices in Germany and Canada. For more information on the company, please visit its worldwide web site at http://www.ecostardrives.com.
XCELLSIS Fuel Cell Engines is focused on developing, manufacturing and commercializing fuel cell engines for buses, cars and trucks. XCELLSIS is 51 percent owned by DaimlerChrysler, with Ballard Power Systems and Ford owning 27 percent and 22 percent, respectively.
UQM Technologies, Inc. is a leading developer and manufacturer of power, dense, high efficiency motors, gear assemblies and electronic assemblies for the automotive, aerospace, telecommunications, medical 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 vehicle auxiliaries and distributed power 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 gear assemblies) and St. Charles, Missouri (electronic assemblies and wire harnesses). For more information on the Company, please visit its worldwide web site at http://www.uqm.com.
This press release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the Risk Factors section of the Registration Statement on Form S-3 (File No. 333-78525) filed by the Company with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including the Company's ability to be profitable, its ability to obtain additional financing, the Company's reliance on major customers and suppliers, and the possibility that product liability insurance may become unavailable. These forward-looking statements represent the Company's judgment as of the date of the press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
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