Unique Mobility Receives $718,300 Contract From PEI Electronics
25 August 1999
Unique Mobility Receives $718,300 Contract From PEI Electronics For Hybrid-Electric Propulsion Systems
Environmentally-Friendly Power System Will Be Used to Replace
11 Diesel Buses in Chattanooga, Tennessee
GOLDEN, Colo., Aug. 25 -- UNIQUE MOBILITY, INC. (Amex: UQM),
a leading developer and manufacturer of high efficiency electric motors, gear
assemblies and electronic assemblies, has received a $718,300 contract from
PEI Electronics, Inc. to supply 75kW (100 hp) motor/controller propulsion
systems. The majority of the systems will be installed in 11 hybrid-electric
city transit buses produced by Advanced Vehicle Systems, Inc. (AVS) of
Chattanooga, Tennessee, it was announced today by William G. Rankin, President
and Chief Executive Officer of Unique Mobility.
PEI is under contract with AVS to supply and build environmentally-
friendly power systems for mass transit hybrid-electric buses to be delivered
initially to the city of Chattanooga, where they will be placed into general
service replacing diesel-route buses. Each bus will utilize a pair of
Unique's 75kW motors/controllers, powering the two rear driving wheels through
gear reduction, torque hubs. Each power system includes an engine, batteries,
transmission and related equipment all controlled by PEI's electronics.
Said Mr. Rankin, "This latest contract with PEI further demonstrates the
use of hybrid-electric technology in commercial applications requiring clean
air power solutions. The key to increased performance of the hybrid system is
the Unique motor/controller with a small micro turbine generator providing
power to the vehicle. It is this combination of electric and advanced power
generation which dramatically increases vehicle performance, significantly
reducing fuel use and airborne emissions while extending range beyond that of
electric-only vehicles."
Thomas Keenan, President of PEI, said, "We are pleased to have Unique as
part of the PEI-AVS team of bringing high performance defense technology to
the commercial marketplace. It is anticipated that hybrid-electric buses will
offer lower operating costs, improve ride quality, reduce operating noise and
reduce airborne emissions in the area. With successful introduction of the
new mass transit buses in Chattanooga, additional orders are expected to fill
municipal and shuttle demands for clean air mass transit throughout the
country."
Joe Ferguson, Chairman and Chief Executive Officer of AVS, stated, "With
increasing demand and requirements for mass transit systems which offer
greater environmental benefits, AVS expects to purchase hybrid electric power
systems for hundreds of buses in the next two-to-three years for Chattanooga
as well as other cities and Unique Mobility motors/controllers appear to be
very suitable for our use."
AVS is the leading manufacturer of electric and hybrid electric buses
having pioneered the utilization of the Capstone Micro Turbine as the power
generation source for range extension required to match the diesel city bus.
AVS has clean emission buses operating from Chattanooga, Tennessee to Miami
Beach, Florida, Norfork, Virginia and Portland, Maine and recently was awarded
contracts for Tempe, Arizona and Los Angeles, California.
PEI Electronics, located in Cummings Research Park in Huntsville, Alabama,
currently employs 400 technical, administrative and manufacturing employees.
The Company has three Business Units: Automatic Test Equipment, Vehicle
Electric and Power Management. The rapidly expanding Power Management
Business Unit is responsible for electric and hybrid power trains, auxiliary
power distribution systems, as well as various controllers and components for
the electric vehicle market place.
Unique Mobility, Inc. is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the aerospace, telecommunications, automotive, medical and industrial markets.
A major emphasis of the Company is in applying its systems to the emerging
electric and hybrid-electric vehicles market. 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).
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 become profitable and its ability to obtain
additional financing, the Company's reliance on major customers and suppliers,
potential impacts from Year 2000 issues and the possibility that product
liability insurance may become unavailable. These forward-looking statements
represent the Company's judgment as of the date of this Press Release. The
Company disclaims, however, any intent or obligation to update these
forward-looking statements.