|By Marketwired .||
|May 15, 2014 09:15 AM EDT||
TAMPA, FL -- (Marketwired) -- 05/15/14 -- HPEV, Inc. (OTCQB: WARM), an innovator in energy efficiency and heat removal technologies, announced today that its wholly owned subsidiary, Ultimate Power Truck, LLC, has entered into a contract for an initial order for a number of Mobile Generation ("MG") conversion kits and trucks with built-in Mobile Generation. The initial order size was $1 million with a 50% down payment and the balance due upon delivery. This comes before Ultimate Power Truck, LLC has opened its flagship demonstration facility in Largo, FL to serve Port Tampa Bay and the surrounding area.
"We are pleased to receive our initial order for our MG product and expect that this is just the beginning as this technology is truly changing the face of electrical availability for utility fleets, workmen and especially the first response and disaster relief community," stated Timothy Hassett, HPEV's founder and CEO.
HPEV's energy efficiency technology is a breakthrough for mobile power generation as it utilizes a truck's own engine power to generate auxiliary 120V-460V single or 3-phase AC power to support utility industry vehicles, businesses and residential areas during first alert/disaster relief to supply power and even plug directly into the smart grid during outages or in the course of general business to run compressors, welders, lighting systems, bucket truck arms, or even homes in rural communities. In the event of an outage or disaster, communities and businesses can have immediate standby power available when and where it is needed to keep facilities open and minimize losses due power outages. Further, the Ultimate Power Truck will give the utility industry the much needed ability to plug into the smart grid and offload power during peak usage hours. The Company is currently taking orders for trucks and kits with on-board power systems that are dual rated in 25, 50 and 70 kVA power output ranges and will be expanding 100, 125, 150, 175 & 200 kVA by the end of 2014.
When compared to tow-behind generators, MG units are approximately 25% to 30% of the total weight and at a 15% to 25% lower cost. Further, they are chassis mounted under the vehicle. With the lower weight burden on the vehicle, MG also provides tremendous fuel savings. A typical tow-behind 200 kW generator weights approximately 10,000 pounds while the 200 kW MG weighs less than 3,000 pounds.
HPEV management sees tremendous market potential in not only the first alert/disaster relief and utility marketplace, but also in retail, construction, mining, and military markets. Currently, many of these markets rely on heavy and costly tow-behind generators. The HPEV MG generates the same power as most tow-behind generators and is usable anytime and anywhere as the MG is built into these Ultimate Power Trucks. Management believes that the MG has the potential to take significant market share in the multi-billion dollar mobile generator market with its unique "built-in" system.
MG can be added to new trucks off the production line and in existing trucks with relative ease within a matter of hours. The system is fuel agnostic and can work with any type of engine or hybrid. Installing the MG allows the existing truck to become a mobile generator to power virtually anything that uses electricity. The system does not require any government approval or certification and does not affect truck warranties.
MG employs HPEV's patent pending PPIG (Parallel Power Input Gearing System) system to integrate the system into any truck's drive train to power the MG on-board generator. The MG is more efficient to use than any mobile vehicle system on the market today. This solution is a lower cost alternative to towing a trailer or skid-mounted generator to a worksite.
With optional onboard power storage option, MG immediately addresses the Environmental Protection Agency (EPA) view and rules framework that vehicle idling is harmful to the atmosphere and life in surrounding areas. Individual states have created their own no-idle laws. This is because with the added option, MG is a storage and generation system, so there is no need to idle a vehicle to supply power.
About HPEV, Inc.
HPEV, Inc. is an intellectual property and product development company that employs a license and royalty model. The company has expertise in thermal dispersion technologies and their application to various product platforms. The Company is currently commercializing its patented thermal technology and has additional patents-pending for various OEM applications of its proprietary heat removal technologies. The markets that will be addressed by these technologies include myriad industries such as pumps, fans, compressors, batteries, motors, generators and bearings.
Safe Harbor Statement.
This release contains 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. These statements are based on plans and expectations of management and are subject to uncertainties and risks that could affect the company's plans and expectations, as well as results of operations and financial condition. A listing of risk factors that may affect the company's business prospects and cause results to differ from those described in the forward-looking statements can be found in company reports and documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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