U.S. Electricar and Kaiser Aluminum Announce Memorandum of Understanding to Develop Advanced Aluminum Vehicle Structures.
SANTA ROSA, Calif.--(BUSINESS WIRE)--Dec. 13, 1994--U.S. Electricar, Inc. (NASDAQ NASDAQ
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ECAR European Campaign for the Freedom of the Automotive Parts and Repair Market ) and Kaiser Aluminum & Chemical Corporation announced today the signing of a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to investigate the potential to form a joint venture to develop advanced, commercially viable aluminum vehicle structures, primarily for the Alternative Fuel Vehicle Alternative fuel vehicle
Conventional fuels such as gasoline and diesel are gradually being replaced by alternative fuels such as gaseous fuels (natural gas and propane), alcohol (methanol and ethanol), and hydrogen. industry (AFV).
The primary intent of this strategic relationship will be to form a jointly owned business between Electricar and Kaiser, pursuant to definitive agreements to be negotiated and executed by the parties, to pursue and complete development of technologies initiated in the Electrolite vehicle project, an electric urban delivery vehicle U.S. Electricar recently introduced for sale to international markets. Secondly, the proposed venture would develop and commercialize the design and production of new aluminum structures for the AFV industry.
The synergy of the relationship will be based on U.S. Electricar's abilities as an integrator of electric technologies and alternative fuel vehicles and Kaiser's position as a leader in aluminum materials and structures that are conducive to lightweight AFVs.
"We believe our companies will complement one another in the development of the technologies needed to bring the next generation alternative fuel vehicles to market," said Ted D. Morgan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of U.S. Electricar. "Kaiser has the capability to develop the materials needed for lightweight, safe vehicle structures. We believe Electricar has the capability to integrate the technologies to operate the vehicle. It opens the potential for a great partnering of skills," said Mr. Morgan.
"We believe that alternative fuel vehicles will have a significant role in helping to clean the environment, both in the U.S. and internationally. Kaiser can provide lightweight structures and components that give these vehicles improved range and drivability. We will offer cost-effective, crashworthy crash·wor·thy
Capable of withstanding the effects of a crash: crashworthy cars; crashworthy seats.
crash and fully recyclable alternatives to conventional materials used in vehicle structures. U.S. Electricar is a leader in the emerging field of AFVs and we are pleased to partner with them in advancing technologies in this exciting new field," said Michael S. Venie, Vice President, Automotive Marketing, for Kaiser.
U.S. Electricar, with headquarters in Santa Rosa, California Santa Rosa is the county seat of Sonoma County, California, USA. As of January 1 2007, the population of Santa Rosa was approximately 157,985 residents. Santa Rosa is the largest city in California's Wine Country and fifth largest city in the San Francisco Bay Area, after San , is the leading full-line producer of electric vehicles in the United States, with vehicles ranging from cars, trucks, vans and transit buses to off-road commercial and industrial products.
Kaiser Aluminum & Chemical Corporation is a leading producer of alumina, primary aluminum, and fabricated aluminum products, and is the operating subsidiary of Kaiser Aluminum Corporation (NYSE NYSE
See: New York Stock Exchange :KLU), the voting stock of which is about 60% owned by MAXXAM Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :MXM).
CONTACT: U.S. Electricar, Inc.
Leo Heagerty, 707/522-1219 or Kaiser Aluminum Corporation Elizabeth M. Simon, 510/847-5880