Aug 30, 2005 (From the CalCars-News archive)
This is a major development that we think will speed the commercialization of PHEVs.
We've had conversations with the initiators of this Consortium. Although it may not be fully evident from this press release, our understanding is that their intent is to create a non-exclusive partnership of component suppliers -- multiple vendors of systems for energy storage, propulsion (motors, engines, power and drive trains), control and management, and integration services -- working with multiple Original Equipment Manufacturers (OEMs, the car companies).
As CalCars continues with its technology development and advocacy projects, we expect to work together with the Consortium in many areas..
(If you want to point to this posting rather than reproduce the entire press release, its URL is http://autos.groups.yahoo.com/group/calcars-news/message/121.)
with a brief analysis at
August 30, 2005 08:25 AM
Raser Technologies, Inc. to Spearhead ``Advanced Hybrid Vehicle Development Consortium''
PROVO, Utah--(BUSINESS WIRE)--Aug. 30, 2005--Raser Technologies, Inc. (OTCBB:RSTG), ("Raser"), a technology licensing company that develops and licenses advanced electric motor, electric motor drive and related technologies, along with:
- One of the nation's leading electric and gas utility companies based in San Francisco, California,
- Maxwell Technologies (Nasdaq:MXWL), ("Maxwell"), a leading developer and manufacturer of innovative, cost-effective ultra capacitor-based energy storage and power delivery solutions, and
- Electrovaya, Inc. (TSX:EFL), ("Electrovaya"), a world leader in the field of portable power solutions with its award-winning, patented Lithium Ion SuperPolymer(R) battery technology,
have agreed to work together as participants in a cooperative research and development consortium called the Advanced Hybrid Vehicle Development Consortium. The Consortium is expected to be made up of key component suppliers who intend to work together with participating automobile manufacturers to coordinate the development of key components and demonstrate these advanced technologies in a "next generation", electric motor dominant, plug-in hybrid electric vehicle.
The current and future participants in this Consortium intend to work together to develop a working proof-of-concept passenger Plug-In Hybrid Electric Vehicle ("PHEV") that may achieve 100-200 mpg for many drivers by operating in all electric, zero emission mode for the first 20 - 50 miles. This "Dual Mode" PHEV could then continue to operate in a high-efficiency hybrid electric mode to achieve conventional range of operation. This mileage estimate is based on a DOT study reporting that a majority of vehicles in the US average less than 50 miles a day. By leading a cooperative research and development consortium with the participation of a major automobile manufacturer, the Consortium members plan to demonstrate the benefits of PHEVs that consumers demand.
The prototype PHEVs are anticipated to be built with "off-the-shelf" automobile components and available advanced hybrid technologies. The "proof-of-concept" hybrid vehicle is intended to demonstrate that the benefits of a PHEV can be achieved in a "manufacturable" design that meets consumer price and performance objectives, delivers better fuel economy and provides environmental benefits.
An "off-the-shelf" PHEV-20 (20 mile electric range) and an advanced PHEV-50 (50 mile electric range) vehicle may deliver improved performance and extended vehicle range and battery life while operating for just 60 cents per equivalent gallon of gas on electric fuel. The Consortium aspires to help reduce the historical development gap between the OEM and Tier One suppliers by demonstrating advancements in new technologies to accelerate adaptation by major OEMs.
Raser's CEO, Brent M. Cook stated, "In order to achieve the objectives automakers are striving for with hybrid vehicles, the electric motor has to play a dominant role in reducing emissions and improving fuel economy beyond what we now have. By working together, we can help reduce the R&D gap between advanced component suppliers and the OEMs to accelerate vital new technologies to market by demonstrating their readiness in the next generation hybrid vehicles."
Senator Orrin Hatch commented on the Consortium, "As the author of the CLEAR ACT, the provision in the energy bill promoting the use of alternative fuel and hybrid vehicles, this is exactly the kind of industry innovation we were seeking in the energy bill. This consortium will help American automakers become more competitive by accelerating the development of new technologies necessary for the next generation of hybrid vehicles."
Maxwell's CEO, Dr. Richard Balanson commented, "We are pleased that Maxwell's BOOSTCAP(R) ultracapacitors were selected to complement the other innovative technologies the Consortium is employing to develop a super-efficient, environmentally compatible, hybrid drive system."
"Electrovaya is pleased to work with Raser and the Consortium to demonstrate our advanced Super Polymer Lithium battery technology. It is important for component suppliers to work closely with each other and with OEM's directly to accelerate new technology to market and reduce cost and development time," said Dr. Sankar Das Gupta, CEO, Electrovaya, Inc.
About Raser Technologies
Formed in 2003, Raser believes that its current and pending patents and proprietary intellectual property cover breakthrough technologies. Raser's Symetron(TM) technologies more efficiently harness electrical energy in electric motors, electric motor drives and controllers, alternator and generator technologies. Application of Symetron(TM) generally requires minor changes to existing products, but yields significant increases in power, performance and efficiency without the use of exotic materials. Further information on Raser may be found at: www.rasertech.com.
Maxwell Technologies, Inc. www.maxwell.com
Electrovaya, Inc. www.electrovaya.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements regarding the following: the Company's beliefs about the performance of Plug-In Hybrid Electric Vehicles; the Company's ability to attract additional component suppliers to the Consortium; the Company's ability to interest automobile manufacturers in the Consortium; the ability of the Consortium to develop vehicles that achieve certain economy targets; the ability of the Consortium to develop vehicles that meet certain emission targets; the Company's beliefs about the manufacturability of the design; the Company's beliefs about its ability to meet consumer price and performance objectives; the Company's beliefs about the rate of adoption by major OEMs; the Company's beliefs about the operating cost of PHEVs; the Company's beliefs about the performance capabilities of its technology; the Company's ability to commercially license the technology; the ability of the Company to hire employees sufficient to accelerate engineering and testing; and the Company's beliefs regarding its research and development efforts. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, difficulties encountered; our inability to achieve commercial acceptance of our technology, our inability to compete effectively in the marketplace, our inability to improve or implement effective systems, procedures and controls, the strength of our patent and pending patents and other intellectual property and those of our competitors, our inability to protect our intellectual property, our inability to attract, train and retain key personnel, and such other risks as identified in our quarterly report on Form 10-QSB for the quarter ended June 30, 2005, as filed with the Securities and Exchange Commission, and all subsequent filings, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Raser Technologies, Inc.
William Dwyer, 801-765-1200
Jody Janson, 585-232-5440