UQM Technologies, Inc. (NYSE MKT: UQM) announced today that its PowerPhase Pro ® 100 electric propulsion system is powering the new all-electric Mylne Bolt 18 yacht tender, which debuted in September at the 2012 Monaco Yacht Show.
“The emerging electric and hybrid marine vessel market is a good fit for our power-dense electric propulsion systems which offer high power and efficiency in a small package,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “We will continue to expand into new market segments and regions as we grow the company.”
Mylne has been making distinctive yachts since 1896, and the Bolt 18 is the company’s first all-electric vessel. Designed as a yacht tender, the Bolt 18 is fast and comfortable with classic styling. It can hold a crew of six and tow water-skiers and wake boarders. Additionally, Mylne is developing all-electric yachts which will also use UQM PowerPhase systems, further expanding UQM product offerings in the marine market.
"The boat is exceeding all of our expectations in terms of speed, acceleration, power-to-weight ratio, quietness and ride quality,” said David Gray, President and Owner of Mylne Yacht Design. “The UQM electric motor propels the Bolt 18 from 0-30 knots in just three seconds, raising the eyebrows of several groups at the Monaco Yacht Club.”Mylne worked with ReGen Nautic USA, leveraging ReGen Nautic’s past experience with UQM electric drive systems. This is the second marine application for UQM electric drive systems with ReGen Nautic. The first program was the Goldfish 23 all-electric eFUSION earlier this year. About Mylne Yacht Design One of the world’s oldest surviving yacht design businesses, the company of A. Mylne & Co. was established in 1896. In 2007 David Gray rebranded it as Mylne Yacht Design. Mylne builds yachts that successfully compete in events around the world, and is now developing new designs with the Mylne name, as well as making some of the existing Mylne designs available for re-creation through selected build partners. Please visit www.mylne.com for more information. About ReGen Nautic USA ReGen Nautic USA is a private corporation located in Fort Lauderdale, Florida. The company has developed hybrid electric propulsion systems for yachts, trawlers, and sailboats over 50 feet. It customizes automation systems to boat design, and the company’s products are the unique components needed for system function. It manufactures high voltage boxes and licenses the software for integration and safety systems. ReGen Nautic has pending patents that protect its intellectual property related to integrating, optimizing and combining components of marine hybrid systems, providing efficient operation and fuel savings. For more information, please visit www.regennautic.com. About UQM UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is located in Longmont, Colorado. Please visit www.uqm.com for more information. This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, future orders to be received, future financial results and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed July 31, 2012, which is available through our website at www.uqm.com or at www.sec.gov .