Chile's Largest Power Company Brings Electric Vehicles to the People
SANTA ROSA, Calif. & SANTIAGO, Chile, Sep 17, 2007 -- BUSINESS WIRE
To help mitigate pollution and traffic congestion, Chile's largest power company, CHILECTRA, will allow its customers to use their monthly utility bill to finance the purchase of electric bicycles, scooters, mopeds and other vehicles from US-based ZAP (OTCBB:ZAAP).
CHILECTRA is planning to launch the campaign in October where some of Chile's biggest shopping malls will showcase ZAP bikes and scooters.
"CHILECTRA has created a model program giving people for the first time in their lives the ability to use credit to purchase their very own motorized transportation," said Fernando Cancela, Director of International Affairs for ZAP. "This will improve the quality of life for thousands of people by advocating cleaner vehicle technologies while offering greater freedom of mobility. This is a wonderful opportunity to apply ZAP technologies in a place where they are most needed."
Santiago, Chile, next to Mexico City and Sao Paulo, suffers from some of the worst air pollution in Latin America. Electric vehicles produce zero exhaust emissions and studies show that compared to gas they can reduce automotive emissions by more than 90 percent, even including the emissions from power plants to generate the electricity. If charged at night, electric vehicles can use off-peak electrical generation, meaning no additional pollution.
CHILECTRA had been researching the electric vehicle market for the past year, and found ZAP to be the only company with a full-line approach that meets the desired criteria for quality, service and aftermarket support.
Officials with CHILECTRA and ZAP have studied transportation patterns in Chile and say that, while there is an opportunity to reduce air pollution, there is also an opportunity to help improve urban mobility. Chileans spend hours per day and about $30 per month using mass transit. A ZAP vehicle can reduce transportation time and costs half compared to taking the bus. Plus, under the monthly payment plan, the electrical customer can own the vehicle within 36 months.
Photos: http://www.flickr.com/photos/11374805@N00/sets/72157602000364449/show/
About CHILECTRA
CHILECTRA (http://www.CHILECTRA.cl) is a subsidiary of ENDESA (NYSE:ELE) (http://www.endesa.es), the leading utility in the Spanish electricity system and the number one private-sector multinational electricity utility in Latin America.
About ZAP
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit http://www.zapworld.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE: ZAP
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