NEW YORK --- Raser Technologies Inc. will receive the 2007 Hybrid Motor Vehicles Technology Innovation of the Year Award from Frost & Sullivan at a ceremony June 13 in Newport Beach, Calif. This is the second innovation award received by Raser in 2007. Raser was also recognized for its innovations in industrial and commercial motors and drives. Patrick Schwartz, president of Raser Technologies, will be on hand to accept the award at the ceremony. "Raser received this award because of its contributions in the development of eco-friendly, fuel-efficient systems that offer automakers a more cost-competitive alternative in hybrid and plug-in hybrid vehicles," said Sanjeev R. Sridharan, an analyst from Frost & Sullivan Raser cofounded the Plug-In Hybrid Development Consortium (, an organization of advanced technology suppliers, utility companies and other organizations working together to help automakers accelerate the commercial development of plug-in hybrid vehicles. "This award recognizes Raser’s leadership role in the development of more powerful electric motor drive systems needed for more cost-effective plug-in hybrid electric vehicles," said Jim Spellman, director of business development for Raser. "The next generation of hybrids will be able to drive much further on electric power, thus enabling them to make large gains in fuel economy while reducing emissions dramatically." Before joining Raser, Spellman served as the director of engineering for hybrid systems at Delco-Remy. "When consumers soon discover that plug-in hybrids could deliver over 100 mpg and allow them to do most of their local driving on electric fuel, averaging just 80 cents per equivalent gallon, we believe consumer demand will drive hybrid sales up dramatically around the world," said Patrick Schwartz, president of Raser Technologies. Hybrid vehicle market share is expected to grow by five times over the next three years to over 2 million vehicles sold, according to global industry analyst B&D. Analysts also generally agree that the market introduction of plug-in hybrids may cause market share forecasts to be reevaluated because of significant increases in consumer benefits and value. The Frost & Sullivan Best Practices Awards recognize companies for demonstrating outstanding achievement and performance in areas including technological innovation and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and research to identify best practices in the industry.

Originally posted on Fleet Financials