- The order was placed by a major Chinese OEM for the rapidly growing automotive fuel cell market in China.
- Shipments are scheduled to begin in the summer of 2017 and through fall 2017.
- The UQM Fuel Cell Compressor Modules are an integral component in the fuel cell technology for automotive, and light, medium and heavy-duty vehicle applications. In particular, the systems will be deployed in minivan applications in this initial offering.
- UQM has seen a noteworthy increase in fuel cell market interest in Asia, Europe and the USA.
LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM) today announced a significant purchase order from a major Chinese OEM for delivery of its R340 fuel cell compressor systems. The purchase order is valued at $2.2 million. Shipments are expected to begin in the summer of 2017 and be completed by fall of 2017. These compressor modules are a key component in hydrogen powered fuel cell systems. UQM has seen much success with its unique R340 fuel cell compressor system, which is designed for light-duty automotive applications for up to 75kW fuel cell stacks.
“We have been working with our customer for over a year on this program and are very pleased to receive this significant order from them,” said Joe Mitchell, President and CEO of UQM Technologies. “These systems, which include the motor, controller, compressor, and associated software, are ideal for ease of maintenance, long term durability, and low lifetime operational cost.”
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, gaining required certifications, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity, and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K and Form 10-Q’s, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.
EnergyTech Investors, LLC
Shawn Severson, 415-233-7094
UQM Technologies, Inc.
David Rosenthal, 303-682-4900