FREDERICK - UQM Technologies Inc. (AMEX: UQM) expanded its relationship with Phoenix Motorcars to include the development of a hybrid sports utility truck.
UQM, a developer of electric motors, landed a contract earlier this year to supply Ontario, Calif.-based Phoenix Motorcars with electric drive systems for an all-electric four-door pickup truck.
For that order, UQM will deliver a $9.25 million order for the electric drive system and onboard DC-to-DC converters to power the vehicles' instrumentation. The order is scheduled for delivery throughout the year.
UQM will now work with Phoenix and lithium titanate battery maker Altair Nanotechnologies Inc. to develop a hybrid version of its electric truck.
"The development of a plug-in hybrid model of our sport utility truck is an important expansion of our model offering that we expect will meet the needs of a broader range of customers," said Dan Elliott, president and CEO of Phoenix Motorcars. "Plug-in hybrids offer the opportunity to operate the vehicle in the most common driving environments in all-electric mode, saving money and reducing emissions, while maintaining the flexibility to travel cross-country. We believe a potentially large market will develop for this category of vehicle and we intend to develop a high performing vehicle that our customers can be excited to own and drive."
The hybrid trucks will use the same technology as hybrids currently in the market, but it will have a larger battery that can be charged in a standard home outlet, according to a company press release. The battery can power the vehicle for 20 miles to 60 miles, with the internal combustion engine kicking in for longer range driving.
In afternoon trading, UQM stock was up 22 cents to $4.35.





