PG&E Signs Agreement to Purchase Plug-In Hybrid SUVs from Raser Technologies Utility to Expand Green Fleet With Plug-in Hybrid Electric Sports Utility Vehicles Designed to Achieve Over 100 Miles per Gallon
Release Date: February 7, 2008
Contact: PG&E External Communications (415) 973-5930
ies, Inc. (NYSE ARCA: RZ) for the purchase and demonstration of two plug-in series hybrid electric sport utility vehicles (SUV). The vehicles are designed to achieve over 100 miles per gallon (mpg) in typical daily driving, while operating in near zero emission mode.
“PG&E is a strong advocate of plug-in hybrid vehicles and has been working with Raser as co-founders of the Plug-in Hybrid Development Consortium for the past two years, with the goal to accelerate a pathway for PHEV commercialization,” said Andrew Tang, senior director of smart energy web at PG&E. “We are very excited to team with Raser to be the first utility to take delivery on these breakthrough plug-in series hybrid vehicles. Plug-in hybrid electric vehicles are a practical solution to meet the challenges associated with climate change by reducing fuel costs, greenhouse gas emissions and our dependency on petroleum-based fuels.”
Initially, PG&E will purchase two plug-in hybrid SUVs from Raser for demonstration and testing, with the goal to integrate additional PHEVs into its fleet in the future. The PHEVs 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 PHEVs may continue up to 400 miles by generating their own electricity. The fleet PHEVs are also expected to reduce greenhouse gas emissions to nearly zero during local daily driving. PG&E plans to plug in the vehicles at night, when energy demand is lowest, to maximize emission reductions and fuel savings for daily routes. Subsequent versions are expected to provide emergency mobile power from the vehicles onboard 100 kW generator to assist in power outages or provide mobile power for work and repairs.
“Raser’s proprietary plug-in series architecture and electric powertrain are what allows full size SUVs and light trucks to potentially achieve over 100 mpg with near zero emissions. We applaud PG&E’s leadership in green fleets and in clean renewable power. We look forward to working with PG&E to demonstrate PHEV vehicles that can help them continue to set the standard for clean air and renewable energy,” said David West, vice president of Raser Technologies and co-founder of the Plug-in Hybrid Development Consortium.
Raser has established PHEV development agreements 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 Symetro™ technology. SUVs and light trucks are the highest selling class of vehicles in the U.S. and also have the potential for the most improvement in emissions reductions and fuel economy. Raser also plans to offer 100-plus mpg plug-in hybrid SUVs and light trucks to other fleets through manufacturing partners for early demonstration.
“We look forward to showing how beneficial PHEVs can be for the environment by demonstrating them in our own fleet, and hope many of our customers will follow our lead to green up their fleets as well,” said Efrain Ornelas, environmental technical supervisor of clean air transportation at PG&E.
PG&E is a national leader in providing its customers with clean energy. On average, more than 50 percent of the electricity PG&E delivers to its customers throughout its northern and central California service area comes from carbon-free sources. PG&E currently supplies 12 percent of its energy from qualifying renewable sources under California’s Renewable Portfolio Standard (RPS) program.
PG&E became the first utility in the nation to publicly demonstrate the possibility of electric vehicles to supply homes and business with electricity at a Silicon Valley Leadership Group event in April 2007. PG&E also shared this technical expertise with Google in June 2007 to upgrade a number of company-owned PHEVs to be V2G capable for a demonstration at the search leader’s Mountain View campus. More recently, PG&E entered into a project partnership with an electric vehicle manufacturer to further evolve vehicle-to-grid (V2G) technology by researching smart charging – a form of V2G designed to allow remote control charging of electric vehicles connected to the power grid.
PG&E’s PHEV/EV and V2G program is part of its broader strategy to develop innovative energy solutions that deliver the cleanest and most reliable power to its customers. In addition to its PHEV and dedicated electric vehicles, PG&E owns and operates one of the largest utility clean fuel fleets in the nation with more than 1,300 natural gas vehicles in a 10,000 vehicle fleet. 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 3.4 million gallons of gasoline and diesel, and helped to avoid 6,000 tons of carbon dioxide from entering the atmosphere.
About Raser Technologies
Raser (NYSE Arca: RZ) is a publicly-traded, green-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™ technology developed internally by its Transportation and Industrial Technology segment. Raser’s Transportation and Industrial Technology segment focuses on using Raser’s Symetron™ technology to improve the efficiency of electric motors and other applications. Further information on Raser may be found at: www.rasertech.com
For more information about Pacific Gas and Electric Company, please visit the company’s web site at www.pge.com
For more information about the Plug-in Hybrid Development Consortium, please visit hybridconsortium.org
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™ 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 September 30, 2007, 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.