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Raser Developing 100 MPG Plug-in Hybrid Light Truck for Initial Release to Utility and Government Fleets
PROVO, Utah --(Business Wire)-- Raser Technologies (NYSE ARCA:RZ) today announced it is developing a 100 mile per gallon (mpg) light truck in addition to a 100 mpg SUV. Raser's plug-in electric drive system is designed to allow light trucks such as the Chevy Silverado, Ford F-150, or Dodge Ram to achieve over 100 mpg in typical local daily driving with near zero emissions, by using electricity instead of petroleum as the primary fuel. The announcement comes as Raser nears completion of a 100 mpg SUV demonstration vehicle, built in cooperation with a leading global OEM, using the same drive system. Unlike most hybrid or even plug-in hybrid vehicles that still rely mainly on a combustion engine, an extended range electric truck (E-REV) using Raser's drive system is propelled entirely by a powerful 200 kW peak electric motor using lithium ion batteries. The truck is being developed in cooperation with the Plug-In Hybrid Consortium Development (www.HybridConsortium.org) and is designed to operate with zero direct emissions during typical local daily driving.
In addition to their widespread use in utility and government fleets, light trucks historically have been the most popular vehicles sold in the U.S. However, with skyrocketing oil prices, truck sales have dropped dramatically, while the cost of operating working trucks in America's fleets has risen sharply. "Successful demonstration of Raser's E-REV drive system in utility and government fleets may lead the way to mass production of 100 mpg trucks and a revival in truck sales," said James Spellman, Vice President of Transportation Business Development for Raser Technologies.
Pacific Gas and Electric Company (PG&E) of California will test and demonstrate one of the first E-REV pick-up trucks from Raser Technologies. In February, PG&E signed an agreement with Raser Technologies to purchase two plug-in hybrid SUVs using Raser's electric drive system for early testing and demonstration.
"Plug-in hybrid electrics present tremendous potential to reduce the environmental impact of our operations and fuel costs," said Andrew Tang, senior director of smart energy web at PG&E. "PG&E has one of the largest private fleets in the nation, which includes a large portion of pick-up trucks. We are particularly excited to work with Raser to demonstrate the benefits of applying plug-in hybrid electric technology to light trucks."
Raser's plug-in hybrid trucks are expected to cut operational fuel costs up to 75 percent by driving in all-electric mode during typical daily fleet routes of up to 40 miles. When driving beyond the 40-mile battery electric range, the E-REV trucks may continue up to 400 miles by generating their own electricity.
"We applaud PG&E's leadership in further greening their fleet and helping over 300 other fleets do the same. We realize how important this kind of vehicle will be to fleets and look forward to demonstrating the first 100 mpg fleet truck with PG&E. With electricity priced about a quarter as much as gas, a practical electrically powered pick-up truck is something this country needs now," said David West, Vice President of Raser Technologies and co-founder of the Plug-in Hybrid Development Consortium.
Raser has already established a development agreement with a leading global automaker and a leading automotive integrator to build a 100 mpg plug-in hybrid electric SUV using Raser's proprietary electric drive system and award-winning Symetron(TM) technology.
PG&E owns and operates one of the largest utility clean fuel fleets in the nation with more than 1,300 natural gas vehicles. PG&E's clean fuel fleet consists of service and crew trucks, meter reader vehicles and pool cars that run either entirely on compressed natural gas or have bi-fuel capabilities. Over the last 15 years, PG&E's clean fuel fleet has displaced over 4.1 million gallons of gasoline and diesel, and helped to avoid 7,000 tons of carbon dioxide from entering the atmosphere.
About Raser Technologies
Raser (NYSE Arca:RZ) is a publicly-traded, environmentally focused technology licensing and development company operating in two business segments. Raser's Power Systems segment is seeking to develop clean, renewable geothermal electric power plants and bottom-cycling operations, incorporating licensed heat transfer technology and Raser's Symetron(TM) technology developed internally by its Transportation and Industrial Technology segment. Raser's Transportation and Industrial Technology segment focuses on extended-range plug-in-hybrid vehicle solutions and using Raser's award-winning Symetron(TM) technology to improve the torque density and efficiency of the electric motors and drive systems used in electric and hybrid-electric vehicle powertrains and industrial applications. Further information on Raser may be found at: www.rasertech.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: our beliefs about the performance and market applicability of our products; 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 in the motor industry; our beliefs about the strength and enforceability of our agreements, our beliefs about the performance capabilities of our technology; our beliefs about the capabilities, expertise and intentions of our partners; our ability to hire, train and retain key personnel; our ability to successfully complete field testing of Symetron(TM) technologies. 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 industry; the strength of 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 March 31, 2008, as filed with the Securities and Exchange Commission, and all subsequent filings. 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.
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