July 22, 2008

PROVO, Utah – July 22, 2008 – Raser Technologies 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™ 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.

See the Video Update on the PHEV Project

See the Consortium Project: Series PHEV Drive System