Dana Corporation, Permo-Drive Technologies Ltd. Sign Agreement For Fuel-Saving Hybrid Vehicle System

Dec 2, 2003

    TOLEDO, Ohio, Dec. 2 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) and Permo-Drive Technologies Ltd. announced today that they have
signed an exclusive licensing agreement for the design, development, and
supply of the Permo-Drive Regenerative Drive System (RDS) for use in the U.S.
Army's Family of Medium Tactical Vehicles (FMTVs).  The Army has indicated its
intent to introduce a hybrid drive system into its FMTVs -- possibly as soon
as 2006.
    (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    Under terms of the agreement, Dana will be the production development
source and the sole supplier of the RDS technology for this family of
vehicles.
    "We are pleased to be working with Permo-Drive, the National Automotive
Center, and the U.S. Army to commercialize this exciting new technology and to
quickly bring it into high-volume production," said Mike Laisure, president of
Dana's Engine and Fluid Management Group.  "We are looking forward to
extending the contract and introducing this technology into other markets,
both military and commercial."
    Permo-Drive's RDS system is an innovative hydraulic regenerative braking
and propulsion system suitable for most medium and heavy-duty vehicles. When a
vehicle accelerates, considerable energy is required. With a conventional
system, that energy is lost when the vehicle brakes to a slower speed.
    Utilizing the RDS, the energy normally lost during braking can be stored
as hydraulic oil under pressure. This pressure can be selectively released as
an acceleration boost to bring the vehicle back to the desired speed.  RDS
benefits include increases of up to 30 percent in fuel economy, substantially
improved brake life, an improvement in acceleration, and reduced emissions.
The technology also has the potential to provide an increase in load-carrying
capacity for the FMTV through its improved braking and propulsion performance.
    "Our RDS technology provides an excellent return on investment for
military and commercial users alike, as it is a much more cost-effective
solution than other hybrid technologies," said Willem de Vylder, CEO of
Permo-Drive Technologies Ltd.  "Perhaps the most compelling aspect of our
technology is that it can be employed in fleets of existing vehicles, as the
Permo-Drive system can easily be retrofitted."
    Currently, Dana plans to supply the RDS to Stewart & Stevenson, which
manufactures a wide range of military and public transportation equipment.
Stewart & Stevenson was awarded the contract to produce the FMTV for the Army
from the Tank-Automotive and Armaments Command (TACOM).  Initially, the RDS
will be limited to new vehicle production and will later expand to retrofit
the existing fleet of FMTVs.
    Permo-Drive began work with the military after signing a cooperative
research and development agreement with the U.S. Army's National Automotive
Center (NAC) in Warren, Mich.  Under this agreement, Permo-Drive developed and
tested its hybrid-hydraulic RDS system in the FMTV.
    Permo-Drive Technologies Ltd., based in Ballina, New South Wales,
Australia, with North American operations in Ann Arbor, Mich., is focused on
the development of regenerative energy-management systems for the automotive
industry.  More information about the company is available on the internet
at http://www.permo-drive.com
    Dana Corporation is a global leader in the design, engineering and
manufacture of value-added products and systems for automotive, commercial and
off-highway vehicle manufacturers and their related after-markets.  The
company employs approximately 60,000 people worldwide.  Founded in 1904 and
based in Toledo, Ohio, Dana operates hundreds of technology, manufacturing and
customer service facilities in 30 countries. The company reported sales of
$9.5 billion in 2002.  Dana's Internet address is http://www.dana.com .


SOURCE Dana Corporation

Web Site: http://www.dana.com http://www.permo-drive.com

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