- The order was placed by KESHI, a major Chinese manufacturer of commercial vehicles used in the mining industry.
- Shipments are scheduled to occur during 2018.
- The explosion-proof E-drive system includes UQM’s PowerPhase® 950T and is an integral part in the vehicle application for the Chinese mining industry. This product eliminates dangerous diesel emissions, thereby improving mine operational safety conditions for workers.
- UQM signed a cooperation agreement with KESHI in 2015. KESHI’s production launch was delayed due to the market conditions, but now has made a major commitment to this new energy market.
LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE AMERICAN: UQM) today announced the first significant purchase order from KESHI, a major Chinese manufacturer of commercial mining vehicles. The purchase order is for explosion-proof E-drive systems and is valued at $1.2 million. Shipments are expected to occur during 2018. While UQM signed a cooperation agreement with KESHI in 2015, KESHI’s production launch was delayed due to the market conditions, but now has made a major commitment to this new energy market application. KESHI plans to move forward with their strategy to do final assembly and test in China under UQM’s current cooperation agreement for explosion-proof electric propulsion systems in China.
“The development work between our teams has been significant, and we are very pleased that KESHI now seems poised to support and grow the commercial electric mining vehicle market in China. We see the receipt of this purchase order as the beginning of a long term growth opportunity with KESHI,” said Joe Mitchell, President and CEO of UQM Technologies.
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, 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.
About KESHI GROUP
Changzhou KESHI GROUP is the leading manufacturer and marketer of coal mining auxiliary transport technology and equipment in China. With over 1,600 employees, the company has numerous patents stemming from their expertise in the design and development of these specialty vehicles. KESHI GROUP is the largest developer and manufacturer of explosion-proof vehicles in China, and is devoted to the development and manufacturing of explosion-proof electric vehicles.
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-Qs, 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