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UQM Technologies Receives Department of Energy Contract to Develop a 5 Kilowatt Modular Inverter

FREDERICK, Colo., July 21 /PRNewswire-FirstCall/ — UQM TECHNOLOGIES, INC. (Amex: UQM – News), a developer of alternative energy technologies, announced today that it has received a contract from the U.S. Department of Energy to develop a 5 kW modular inverter under the Small Business Innovation Research Program. Power electronic inverters are used to convert direct current (DC) output of power generation equipment such as reciprocating engine generators, wind turbines, solar panels, microturbines and fuel cells to 110/220 volt alternating current (AC). Many household and commercial products run on 110/220 volt AC currently delivered from the power transmission grid to electrical outlets in homes and commercial buildings. Numerous commercial and industrial vehicles, such as ambulances and trouble-trucks currently have inverters onboard to power accessories and equipment and several on-road, off-road and military vehicle manufacturers plan to offer AC power availability onboard certain vehicle models to power a variety of accessories. “We are pleased that the Department of Energy has selected us to develop a household size inverter for the distributed power generation market. Currently available electronic inverters are difficult to install and use, lack plug and play capability, are less efficient and bulky and have operating limitations in those applications where […]

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Innovative Energy Solutions Inc. Secures $3 Million in First Round of Funding

LAS VEGAS, July 21 /PRNewswire/ — Innovative Energy Solutions Inc. (iESi) today announced that it raised $3 million in its first round of financing. The investor group consists of more than 300 individuals from Canada, Europe and the United States. iESi will use the investment to accelerate product development, push market penetration and establish manufacturing facilities in Alabama. “The success of our initial funding is encouraging to iESi as we focus on executing our business endeavors and growing the company. The first round closed with an oversubscription of 200,000 shares, which demonstrates a substantial interest in our energy generating technologies and what they can do for a fuel-based economy,” said Ron Foster, chairman, iESi. iESi will open its second round of financing on July 29, 2004, by offering 500,000 shares at $4 apiece. Established in 2003, iESi’s mission is to offer clean, viable solutions to traditional energy sources, and reduce the world’s dependence on oil from the Middle East. iESi is organized into three broad divisions to maximize return on its intellectual capital and intellectual property. These divisions include low operating cost hydrogen generation, low operating cost heat generation and waste heat recovery. The company’s innovative energy products are protected […]

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