Delco Remy, AeroVironment introduce iPower
Technologies LLC, Focus of New Company is Distributed
Generation and Hybrid Electric Vehicles
ANDERSON, Ind., Jan. 22 Delco Remy International
and AeroVironment, Inc., of Monrovia, California, have formed a
new Anderson-based company, iPower Technologies LLC, to pursue emerging
opportunities in the distributed generation and hybrid electric vehicles
markets.
Distributed generation is the on-site generation of electrical power for
home and industry. Hybrid electric vehicles use both a traditional combustion
power source and an electric motor to drive the vehicle.
iPower will develop a portfolio of products and technologies for
distributed generation applications including the 10kW QuickTurbine, high-
efficiency permanent magnet generators and power electronics. For hybrid
vehicle systems, iPower will provide development support for Delco Remy's
previously announced partnership with A.G Continental on the integrated
starter alternator damper system. In addition, the company will focus on
automotive hybrid traction motors and advanced power electronics.
In addition to these products, the company will also provide systems
integration services for both markets.
Thomas J. Snyder, President and CEO of Delco Remy International
, will serve as chairman of iPower. "The world's demand for
electrical power is increasing faster than the utility industry's ability to
create supply," Snyder said. "iPower is positioning itself to address this
demand. Hybrid vehicles are appearing now as the best answer to maximizing
fuel economy while minimizing automotive pollution concerns," noted Snyder.
The target market for iPower's distributed generation products are
facilities requiring power output of 10kW to 100kW, such as high-end
residential, commercial and light industrial installations. This includes
hotels/motels, apartment complexes, nursing homes, schools, supermarkets and
restaurants.
iPower's transportation power systems target applications include on-board
generation systems for hybrid electric vehicles. Several hybrid electric
vehicle products are already in the development pipeline, including a
highly-efficient electric drive motor and an integrated starter/alternator
damper. The integrated starter/alternator system will be launched into
production vehicles by 2005. By the year 2010, some industry estimates
suggest that more than 20 percent of new vehicle sales will be hybrid electric
models.
iPower Technologies will be operated as an independent company, but will
utilize the sales and marketing relationships and manufacturing resources of
Delco Remy International. John H. (Jack) Combes will serve as president and
COO. Prior this new assignment, he held the position of vice president of
international development for Delco Remy International.
The new company has extensive relations with a network of R&D firms to
provide a source for new technology. iPower will utilize the relationships
already existing at Delco Remy among the global automotive industry and with
AeroVironment's historic customer base.
"iPower's strategic plan is to apply similar technologies to both the
distributed generation and hybrid vehicle markets in parallel. Distributed
generation products will be first to market," stated Combes.
Founded in 1971, AeroVironment is a closely held company with most of its
capital stock owned by employees. General Motors Corporation holds 5% common
equity interest in AeroVironment.
The company has coordinated much of its research and development jointly
with its customers, including the Department of Defense, NASA and several
public utility companies and vehicle manufacturers. Some of AeroVironment's
projects have included the GM SunRaycer solar powered car; the GM Impact
electric car; the Gossamer Condor, the first human powered airplane; Gossamer
Albatross and the Helios solar powered aircraft.
In addition to its experience in the field of environmental and vehicle
research, AeroVironment holds a significant library of intellectual property
relevant to electrical power management technology. It has created three new
businesses from its proprietary intellectual properties which are focused on
broadband communications, rapid battery charging and distributed energy
generation.
According to Tim Conver, President and CEO of AeroVironment, Inc.,
"Electrical power rationing in California and other states underscores the
need for alternative energy sources that are cost-effective and
environmentally friendly. iPower is strategically positioned to capitalize on
this growing need with highly efficient systems." AeroVironment's research
in hybrid/electric vehicle systems has yielded several breakthroughs in
efficiency of electrical generation. These include Fuel Cells, Microturbines,
Battery Technologies, Grid-Connected Power Controls and Electronics, and the
QuickTurbine, AeroVironment's proprietary micro-turbine technology.
Delco Remy International, Inc. headquartered in Anderson, Indiana (USA),
became a public company in 1997. The Company designs, manufactures,
remanufactures and distributes electrical, powertrain/drivetrain and related
components and provides core exchange services for automobiles and light
trucks, medium- and heavy-duty trucks and other heavy-duty and industrial
applications.
Products include starter motors, alternators, engines, transmissions,
torque converters, fuel systems and traction control systems. The Company
serves the aftermarket and original equipment manufacturer market, principally
in North America, as well as Europe, Latin America and Asia Pacific.
Statements in this press announcement, which are not historical, are
forward-looking statements that involve certain risks and uncertainties,
including, but not limited to risks associated with the uncertainty of future
financial results, acquisitions, additional financing requirements,
development of new products and services, the effect of competitive products
or pricing, the effect of economic conditions and other uncertainties detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.
