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Friday, October 1, 2010

AC Propulsion, Peraves to Bring X-PRIZE Winner E-Tracer to U.S. Market

AC Propulsion 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.


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