Photo Release -- PSI Announces Successful 4.3L LP Engine Program for Hyundai Forklifts
WOOD DALE, Ill., April 26, 2013 (GLOBE NEWSWIRE) -- Clean technology engine supplier Power Solutions International, Inc. ("PSI") (OTCBB:PSIX) today announced successful results for its Tier IV diesel engine replacement program with Hyundai Heavy Industries Co., Ltd. PSI supplies Hyundai with 4.3-liter liquid propane engines for its 7A series 60/70L LPG forklift trucks, supporting production at Hyundai's manufacturing facility in Ulsan, South Korea.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=18367
"PSI is delighted to work with Hyundai to power their 7A LPG forklifts," said Gary Winemaster, Chief Executive Officer of PSI. "The project is helping us build a stronger supply partnership with Hyundai, and also serves as an excellent demonstration of how well our propane industrial engines outperform other options in terms of power and torque."
The PSI 4.3-liter LP engine delivers 118 horsepower and 240 ft-lbs of torque at 2,600 rpm when running on liquid propane fuel. The high-output engine offers end-users greater acceleration, better gradability, and fast travel speeds on tough terrains and slopes. PSI's fuel and emission control system meets all EPA and CARB emission regulations for large spark-ignited (LSI) engines.
"Customers expect our Series 7A forklifts to provide strong acceleration and powerful torque in combination with excellent fuel economy and durability," said Tim Webb, Manager, Product Development, Hyundai Construction Equipment, Americas. "PSI's 4.3-liter engine meets all of our performance demands in a cost-effective, emission-compliant package that is helping us gain market share."
"The forklift market has been one of PSI's fastest growing segments in recent years, as OEMs continue to shift to cost-competitive, emission-compliant liquid propane engines. As a result, PSI's forklift engines sales nearly tripled in the last two years," said Jeremy Lessaris, Director of Marketing at PSI.
Propane engines now represent between 80% and 90% of the internal combustion forklift lift market—over 670,000 engines in the US according to the Propane Education & Research Council (PERC). Forklift users have shifted to propane-fueled equipment due to lower costs, operational advantages, and reduced emissions, particularly since Tier IV diesel emission regulations went into effect. Compared to diesel engines, propane-powered forklifts generally have lower life-cycle costs for both maintenance and fuel-related expenses. Operationally, propane offers greater convenience in refueling, ease of storage, greater safety, and indoor/outdoor-use flexibility. Propane-powered forklifts also provide consistent 100%-power throughout operations, as well as faster ground speeds compared to electric vehicles.
About PSI
Power Solutions International (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial, off- and on-road markets. The company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels including natural gas, propane, biogas, and gasoline.
PSI develops and delivers complete power systems ranging from .97-liter to 22-liters of displacement, including the 8.8-liter engine aimed at industrial and on-highway markets such as medium-duty fleets, delivery trucks, school buses, and refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural, and construction equipment.
For more information on PSI, visit http://www.psiengines.com.
CONTACT: Jeremy Lessaris
Director of Marketing
Power Solutions International
Mobile: 1.630.350.9400
E-mail: jlessaris@psiengines.com
