BLUE ASH, Ohio, Sept. 13, 2010 (GLOBE NEWSWIRE) -- AMP Holding Inc. (OTCBB:AMPD), a company engaged in the emission-free electrification of OEM vehicles, announced it has signed an agreement with a major OEM to electrify one of its SUVs.
Under the terms of the agreement, AMP has received one current model SUV from an OEM and has already commenced the engineering process. AMP anticipates completing the electrification process and delivering the SUV back to the manufacturer for review in approximately 60 days. AMP's unique drive train technology is a lower-cost, efficient solution that was designed from inception to be readily adaptable to currently marketed ICE-based (internal combustion engine) OEM vehicles with minimum engineering and capitalization costs. Because of its unique ability to bring an OEM to market with speed and efficiency, the Company expects to explore additional initiatives with other OEMs in the near future.
Steve Burns, CEO of AMP, said, "Time is not a luxury, it's a race to the finish now – AMP possesses the scalability and nimbleness to get an OEM to mass production with an already existing model literally within months. We believe the development of this prototype is a huge vote of confidence for our technology. Our model is simple, applying our evolutionary technology by working with world-class automakers.
"The AMP electric drive train is based on an entirely new and unique technology - we're powering SUV's and crossovers that go faster and further than any current or upcoming peer offerings, even those based on modified light-weight sedans. Imagine, after replacing a standard ICE and transmission, getting an almost 4,000-pound SUV to go zero to 60 in eight seconds? It's not a concept...we've already done it with the 2010 GM Equinox, and we're going to be doing it again within the next few months with another mainstream SUV. Gas-free vehicles are the future and we believe AMP's unique technology will be leading the way."
AMP currently electrifies several GM models, including the 2010 GM Equinox. Pre-conversion, the Equinox has a curb weight of nearly 3,800 pounds, by far the heaviest production vehicle to-date to be converted to all-electric. AMP's approach is a true paradigm shift – using custom lithium-iron battery packs and two rear-mounted Remy electric motors, it produces 160 kilowatts of peak power, making it by far the most powerful and efficient on the market today. Current peer offerings do not come close to the range, efficiency and cost effectiveness of the Remy-powered drive train. The AMP'd Equinox can achieve zero to 60 in less than eight seconds and reaches a top speed of 90 miles per hour. It can travel up to 150 miles on a single charge.
AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies. Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project. AMP's first models to all-electric were the GM Sky and the Pontiac Solstice, and most recently, the Chevrolet Equinox. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP will be electrifying a wide range of OEM vehicles and SUVs, and expects to announce new model additions in 2010. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
To learn more, visit the AMP website at www.ampelectricvehicles.com.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ( http://www.sec.gov ). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
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