UQM-Deere Hybrid Tractor
UQM Technologies, Inc.
425 Corporate Circle
Golden CO 80401
Donald A. French, Treasurer
UQM Technologies Showcases Concept Hybrid Electric Lawn And Garden Tractor Developed For Deere & Company At Annual Meeting Of The Company’s Shareholders
CEO Bill Rankin Emphasizes that Off-Highway Hybrid Electric Applications for the Company’s Propulsion System Technology are Expected to Play a Broader Role in the Company’s Commercialization Strategy and Future Growth
GOLDEN, COLORADO, August 21, 2002 ... UQM TECHNOLOGIES, INC. (AMEX:UQM) Chief Executive Officer, William G. Rankin, told shareholders today at the Company’s Annual Meeting of Shareholders that off-highway hybrid electric applications of the Company’s permanent magnet propulsion system technology are expected to play a broader role in the Company’s commercialization strategy. Featured at the meeting was a concept fully functional hybrid electric 300 Series lawn and garden tractor developed for Deere & Company (NYSE:DE). The hybrid electric lawn tractor displayed at the shareholders meeting has been equipped with independently controlled motors in each rear wheel and a precision steering system which provides an electric pivot steering capability. This hybrid concept features two UQM motors, which are modifications of wheelchair propulsion motors currently in volume production, and innovative motor controller systems and software. In addition, the hybrid electric lawn tractor consumes less fuel, has lower exhaust emissions and features on-board electric generation sufficient to power a wide-range of electrically powered lawn care accessories as well as being a potential source of back-up power generation for the owner’s household in the event of a power outage.
“This hybrid electric lawn tractor is one of several concept products under development for Deere and Company in our multi-year collaboration,” added Mr. Rankin. “Deere and Company is a pioneer in the development of products for the multiple markets they serve and the hybrid electric lawn tractor has the potential to further expand the capability of this John Deere product line by improving vehicle performance and fuel efficiency and providing mobile power generation”.
Mr. Rankin told shareholders that the expanding role of hybrid electric technology in military and robotic vehicle applications is expected to become a larger part of the Company’s future business. He cited recent contract awards by the Company including being selected as the propulsion systems supplier for the Unmanned Ground Combat Vehicle being developed for the Army by Carnegie Mellon University’s National Robotics Engineering Consortium, Boeing and PEI Electronics, a unit of Integrated Defense Technologies; and the Gladiator Tactical Unmanned Ground Vehicle being developed for the Office of
Naval Research by Carnegie Mellon. Mr. Rankin also noted that two hybrid electric HMMWV’s developed jointly by AM General and PEI Electronics were recently delivered to Aberdeen Proving Ground for performance testing and evaluation. The hybrid electric HMMWV’s are powered by two UQM propulsion systems and one UQM generator. The vehicle deliveries are the culmination of a one year effort by PEI Electronics and AM General, the manufacturer of
diesel powered HMMWV’s and the commercial version, called the Hummer, which is marketed by General Motors, focused on modifying the design and performance characteristics of earlier prototypes to meet the U.S. Army’s performance specifications in a more production ready design.
At the meeting, shareholder’s elected the nominated slate of Directors, ratified the continued appointment of KPMG LLP as independent auditors and ratified the adoption of the 2002 Equity Incentive Plan.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic inverters for the automotive, aerospace, telecommunications, medical, military 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 under-the-hood power accessories and other vehicle auxiliaries and distributed power generation 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 St. Charles, Missouri (electronic assemblies and wire harnesses). For more information on the Company, please visit its worldwide website at http://www.uqm.com.
(This press 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 press 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. Important risk factors that could cause actual results to differ from those contained in the forward-looking statements include our ability to be profitable, our ability to obtain additional financing, our reliance on major customers and suppliers, our ability to commercialize our products, our ability to manage growth and the possibility that product liability insurance may become unavailable to us.)