RZ News Raser Technologies, Inc. Awarded Contract to Design and Develop Integrated Starter Alternator for Military Vehicles
PROVO, Utah--(BUSINESS WIRE)--Raser Technologies, Inc. (NYSE Arca: RZ, “Raser”),
a technology licensing company established to develop and license
advanced electric motor, controller and related technologies, today
reported that the company has received a contract for the design and
development of working prototypes of a SymetronTM
Enhanced Integrated Starter Alternator (ISA) for use by the U.S. Army in
its fleet of over 50,000 HMMWV (“Humvee”)
vehicles.
Raser’s work will be performed in two phases.
The first phase, expected to be performed over the next 18 months,
provides Raser with funding of $461,000 and includes the delivery of
engineering model ISA’s and controllers to the
Army and its contractors for design and development testing. Raser
expects the majority of revenue associated with this contract to be
recorded in fiscal 2007. The current contract is being administered
through ARINC.
Raser estimates that the second phase of preparing an ISA for full
military and commercial production would require an additional $4.9
million in federal funding beginning in 2008. If funded, this second
phase would include the delivery of fully-functioning ISA and controller
prototypes for testing, evaluation and integration into current and
developmental vehicle platforms.
The contract and scope of work are an extension of a project that was
originally initiated with Raser and the Army’s
Tank and Automotive Research and Development Center, (“TARDEC”)
in October 2005.
“Raser is proud to have the opportunity to
enhance the functionality of the Army’s
workhorse fleet of Humvee’s,”
said Raser President Patrick Schwartz. “The
addition of a SymetronTM Enhanced ISA and
controller should boost fuel economy, improve performance on steep
inclines, and simplify maintenance by switching belt-driven accessories
to electric drive. A high-performance ISA can also generate adequate
mobile power on-board, thereby eliminating the need to tow auxiliary
generators to power field operations such as medical and
telecommunications units.”
A recent article in RDECOM Magazine, a publication of the U.S Army
Research, Development and Engineering Command, stated that previous
field testing of hybrid Humvees had suggested that the benefits from
hybrid electric power are “potentially
endless.” The tests indicated that by
applying an engine/generator as the prime power source, a high voltage
battery pack for short term load leveling and brake event energy storage
to military vehicles, the Army could not only have on-board power
generating capabilities, but also additional capabilities to recover
braking energy, improve fuel economy, reduce emissions, and provide
silent mobility for stealth, while increasing survivability and
improving soldier mobility and performance.
About ARINC
ARINC Incorporated is the world leader in transportation communications
and systems engineering. The company develops and operates
communications and information processing systems and provides systems
engineering and integration solutions to five key industries: airports,
aviation, defense, government, and surface transportation. Founded to
provide reliable and efficient radio communications for the airlines,
ARINC is headquartered in Annapolis, Maryland, and operates key regional
offices in London and Singapore, with over 3,200 employees worldwide.
ARINC is ISO 9001:2000 certified. Further information may be found at www.arinc.com
About Raser Technologies
Raser is a publicly traded technology licensing company focused on
improving the efficiency of rotating electro-magnetic and heat transfer
applications within the Transportation, Industrial and Power Generation
markets. Further information on Raser may be found at: www.rasertech.com.
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: our beliefs about the performance
and market applicability of our products, including our ISA technology;
our beliefs about the status and enforceability of the Company’s
intellectual property; our beliefs about the strength of our existing
and potential business relations, particularly with the U.S. Army; our
belief about the Company’s strategies with
respect to the U.S. Army; our beliefs about the performance capabilities
of our technology; our beliefs about the funding requirements for
follow-on development work; our ability to commercially license our
technology; our ability to hire employees sufficient to accelerate
engineering and testing; and our beliefs regarding our research and
development efforts.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ, including,
without limitation, the competitive environment and our ability to
compete in the ISA industry; our inability to adapt our technology for
military applications; our inability to adapt our technology for
military applications; our inability to achieve commercial acceptance of
our technology; 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-Q for the quarter ended September 30, 2006,
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.
