AC Propulsion And Peraves Sign Letter Of Intent To Develop E-Tracer For U.S. Market

San Dimas, Calif. (Sept 30, 2010) – AC Propulsion, a global leader in electric drive development, design and manufacturing, today announced it has signed a Letter of Intent with Peraves AG to bring the Progressive Automotive X PRIZE-winning E-Tracer to market in the United States. Two weeks ago, Peraves’ E-Tracer took top honors in the Alternative Class (Tandem) category at the X Prize awards ceremony. Peraves, whose E-Tracer is powered by AC Propulsion’s electric drive system, becomes the first X PRIZE winner to announce production.

“We are proud to announce that we have recently signed a Letter of Intent to supply the propulsion systems to Peraves and assist in bringing the E-Tracer to market,” said Tom Gage, AC Propulsion CEO. “The E-Tracer is the perfect expression of performance with efficiency. The E-Tracer a niche vehicle, but it sets a benchmark for what can be done with electric propulsion, and that will help inform the larger EV market as it develops. That was the purpose of the Progressive X-Prize  and, acting on that, it is our intention to have E-Tracers on the road in 2011.”

Although details of the collaboration are still in discussion, the Letter of Intent between the two companies signifies a positive step forward in bringing this electric vehicle to market. AC Propulsion and Peraves are making this announcement on the eve of AltCar Expo 2010, as this Southern California-based show provides both consumers and the industry with a glimpse of the latest alternative-fuel technology.

“We tried other drive systems, but AC Propulsion’s level of integration and advanced feature set gave us the advantage we needed to win the Progressive Automotive X PRIZE,” said Peraves CEO Roger Riedener. “We’ve been building petrol-powered versions in Europe for 15 years, but now it’s the time for electric, and with this Letter of Intent, California is the place and AC Propulsion is the power.””

AC Propulsion and Peraves plan to bring 100 units to market starting in 2011. The E-Tracer will be assembled at AC Propulsion in San Dimas, California. 21st Century Motoring will serve as Peraves’ North American agency and as a key player in the sales and marketing of the E-Tracer.

About AC Propulsion:
AC Propulsion is a global leader in the development, design and manufacture of electric vehicle technology. AC Propulsion’s proprietary tzero™ technology is a complete solution for electric vehicles, and can be customized for every class of electric vehicle, from a sports car to an SUV to an 8-ton city bus. AC Propulsion is also a leader in the development of Vehicle to Grid (V2G) capable vehicles, as well as the research and development of V2G technology. For further information, please visit www.acpropulsion.com, or 951-719-1040 or 310-392-1130.

About Peraves:
The earliest iterations of the X-Tracer team’s designs have been cruising European roads for 25 years. Created by former Swissair jumbo jet pilot and aircraft designer, Arnold Wagner, the first prototype, the “Ecomobile,” was built in 1982. Arnold’s vision was to combine the safety, room and weather protection of a sports car with the performance, agility and traffic footprint of a motorbike. Over 100 hand-built units were produced.

In 2008, the BMW-powered 160-mph MonoTracer was named one of Time magazine’s best inventions of the year. In early 2009, low volume production began, after achieving certification as a vehicle manufacturer for the company, EU-certification for the whole EU market, and DOT/EPA homologation. The E-Tracer reflects the company’s focus on clean efficiency, meeting and exceeding the energy challenges of tomorrow’s motor vehicle market AND at the same time pushing the incredible abilities of this high-performance vehicle concept one step further.

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