U.S. Department of Energy Selects Amerigon Subsidiary BSST to Lead Development of Commercial System for Converting Waste Automobile Heat Into Electrical Power
Goals Include Improved Auto Fuel Economy, Reduced Environmental Pollutants,
Creation of New Source of Renewable Energy
DEARBORN, Mich., Jan. 5 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN) today announced that its wholly owned subsidiary, BSST LLC, has been selected by the U.S. Department of Energy (DOE) to lead the development of an efficient and practical thermoelectric system that will improve fuel economy by converting waste heat in automobile engine exhaust into electrical power. BSST will lead a development team that includes Visteon Corporation, Teledyne Energy Systems, BMW of North America, University of California, Santa Cruz, Purdue University, the DOE's National Renewable Energy Laboratory and the Jet Propulsion Laboratory/California Institute of Technology.
The objective of this four phase program is to create a cost-effective and commercially viable thermoelectric-based vehicle waste heat recovery and power generation system that will improve the efficiency of internal combustion engines, according to the DOE. For the first phase of the program, the team will conduct a comprehensive analysis to determine the technical and commercial viability of its system concept. Upon successful completion of this first phase, DOE will authorize funds to allow the team to proceed with the second phase.
BSST President Lon E. Bell, Ph.D. said, "This important program offers a unique opportunity to improve engine efficiency and fuel economy while reducing harmful environmental pollutants. Under BSST's leadership, the project team members will pool their technological advancements and extensive automotive experience to develop a new generation of waste power recovery technology. Our goal is not only to demonstrate improved engine efficiency, but also to reduce fuel consumption and, by doing so, decrease the generation of carbon dioxide gas, a contributor to greenhouse warming. The ultimate goal is to develop an energy recovery system that can be successfully incorporated into vehicle production throughout the world."
Amerigon Chairman Oscar (Bud) Marx said this program will demonstrate that a thermoelectric-based system can be a significant method for improving vehicle efficiency. "We believe that thermoelectric-based systems will significantly improve vehicle efficiency over the next decade through energy recovery from vehicle waste heat, reducing the burden on the engine for electric power production," Marx said.
Seventy five percent of the total cost of this program will be paid for with Federal funds, while selected project team members will bear the remaining cost. Up to $4.7 million in Federal funds could be contributed to the project over its four year life. However, the actual amount contributed may be less, as the funding provisions supporting this program require the Department of Energy to approve and release funds only on a phase-by-phase basis, according to project progress and revisions made in the scope of the project. In addition, funds must be made available through the annual Federal budget process each year before any funding release can be made.
About Amerigon
Amerigon designs, develops and markets its proprietary Climate Control Seat(TM) (CCS(TM)) products for sale to automotive and truck original equipment manufacturers (OEMs). CCS enhances individual driver and passenger comfort in virtually all climatic conditions by providing cooling and heating to seat occupants, as desired, through an active thermoelectric-based temperature management system. Amerigon's subsidiary, BSST, is engaged in developing thermoelectric devices (TED) with more efficiency than currently available devices and has development contracts with several partners to expand the market for TED-based automotive and non-automotive products. Amerigon maintains sales and technical support centers in Los Angeles, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, necessary additional financing may be unavailable, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to the Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-QSB for the period ending September 30, 2004 and its Form 10-K for the year ended December 31, 2003.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon
-0- 01/05/2005
/CONTACT: Investors, Jill Bertotti, jill@allencaron.com, or Media, Len
Hall, len@allencaron.com, both of Allen & Caron Inc, +1-949-474-4300/
(ARGN)
CO: Amerigon; BSST LLC; U.S. Department of Energy
ST: Michigan
IN: OIL AUT ENV OTC
SU:
BP-EL
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3370 01/05/2005 07:30 EST http://www.prnewswire.com