SCOTTSDALE, AZ--(Marketwired - Mar 6, 2014) - Echo Automotive, Inc. (OTCQB: ECAU) ("Echo Automotive", "Echo" or the "Company"), a developer of technologies enabling the cost-effective aftermarket addition of fuel-efficient plug-in hybrid capability to new or existing vehicles, today announced the signing of a supply agreement with Remy International (Remy), the leader in electric motors for electric and hybrid applications, that secures supply of critical components for the Company's EchoDrive™ plug-in hybrid system.
"Remy has over 100,000 electric motors on the road with over 2 billion miles today and over 10 years of electric traction motor production. OEMs, system integrators and end users trust and respect the Remy brand and have confidence in Remy's proven reliability and durability," said Jason Plotke, Chairman and President, Echo Automotive. "This supply agreement ensures that Echo can continue to incorporate the power and efficiency of Remy patented High Voltage Hairpin (HVH) components into our EchoDrive system. Additionally, this partnership demonstrates our commitment to working with industry leaders to bring EchoDrive to market and the utmost confidence to our customers. We are extremely pleased to have Remy as a strategic partner."
In addition to ensuring the supply of industry-leading components for the EchoDrive plug-in hybrid system, which is scheduled for production later this year, the agreement formalizes the development of an advanced induction motor system, Echo Induction Machine™, that will be assembled and distributed by Echo Automotive and available to system integrators.
The Echo Induction machine is a complete advanced induction motor system designed to deliver outstanding power density, efficiency and durability through an integrated stator and rotor pairing with an optimized inverter control. This unique machine will offer a safer and more affordable alternative to other motor types in many light-to-medium-duty applications within the automotive industry and beyond.
"The Echo development team understands the demands of their technologies and their uses, and is specifying proven components like our Remy motor that enhance the efficiency and robustness of EchoDrive," said Jay Pittas, Chief Executive Officer, Remy, Inc. "The company clearly sees an opportunity to create new revenue streams by introducing their advanced technologies to other OEMs and integrators. We are excited about what Echo and Remy can do together and the impact we can make in our markets."
Remy components are currently in use in the EchoDrive beta system, and will be included in the EchoDrive production units scheduled for delivery later this year. The Echo Induction Motor will be available separately through EchoSolutions. Orders are being accepted now.
About Remy International, Inc.
Founded by the Remy Brothers in 1896, Remy International, Inc. is a leading global manufacturer and remanufacturer of alternators, starter motors and electric traction motors. Headquartered in Pendleton, IN, with global operations across five continents and 10 countries, Remy International markets products under the Delco Remy® and Remy® brands. Known for innovation, efficiency, quality, and best-in-class customer service and support, Remy International's products are integrated by leading industrial, specialty, automotive and heavy-duty OEMs, and aftermarket providers worldwide. We Start the World & Keep It Running™. www.remyinc.com
About Echo Automotive, Inc. (OTCQB: ECAU)
Echo Automotive™ is a technology company that specializes in delivering cost-effective electrification products and solutions that are purpose-built to maximize fleet transportation efficiency and provide optimal return on investment. The key to Echo's strategy is the bolt-on nature of its solutions, which reduce operating costs and increase efficiency without affecting original vehicle operations. Additionally, Echo offers technology licensing, and consulting in design, energy storage, propulsion, conversions, and vehicle engineering. For more information, please visit www.echoautomotive.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, commercial rollout of the EchoDrive™ system in 2014, target market, development of technologies and products, and business strategy. These forward-looking statements are made as of the date of this news release and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.