Unique Mobility Announces Additional Order for Fuel Cell Compressor Drive Motors
27 January 2000
Unique Mobility Announces Additional Order for Fuel Cell Compressor Drive Motors from Major Automotive Supplier
GOLDEN, Colo., Jan. 27 -- UNIQUE MOBILITY, INC.
(Amex: UQM) announced today that it has received an order from a tier-one
automotive supplier for an additional fifty fuel cell compressor drive motors
developed by the Company last year. The compressor motors are liquid cooled
and have been optimized for the specialized operating characteristics of fuel
cells.
Substantially all fuel cell developers 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. Unique's highly efficient,
lightweight and power dense electric motor technology is ideal for this
application where efficiency, weight and packaging are critical design
constraints. Emerging fuel cell technology has been gaining attention as a
highly efficient and cost effective alternative energy source which could
possibly provide power for a wide range of applications from cellular phones
to automobiles and homes.
Unique has been active in the emerging fuel cell alternative energy
industry for a number of years, providing compressor drive motors for fuel
cell air transfer systems in early applications of fuel cell technology in
transit buses. According to Kevin Barnes, Unique's Manager of Product Sales,
"The voltage produced by a fuel cell changes during its operation from a high
voltage when it is lightly loaded to a substantially lower voltage when
producing maximum power. Unique has demonstrated that, with our compact motor
and power electronics technology, high efficiency is possible over this
relatively broad range of voltages. This exceptional performance is not
readily attainable with more conventional motor technologies."
Commenting on the order, William G. Rankin, Unique's President and Chief
Executive Officer said, "Most major automakers, worldwide, are actively
developing hybrid electric and fuel cell electric power systems and the
auxiliaries that support their operation. This order represents the next step
in our cooperative development with this automotive supplier in meeting their
customers' requirements for efficient and environmentally sound alternatives
to conventional engine based systems. We believe that advanced products for
the automotive industry, such as the one represented by this order, could
become a potentially large opportunity for the Company over the next several
years."
Unique Mobility, 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 in applying its systems to the emerging
hybrid-electric and fuel cell electric vehicle 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). 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 become profitable and 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.