LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE Amex: UQM) announced today that Dr. Arun Majumdar, Acting Under Secretary and Director of the Advanced Research Projects Agency-Energy (ARPA-E) for the U.S. Department of Energy (DOE) will tour the company’s Longmont, Colorado, product development and manufacturing facility on Friday, January 13, 2012.
Cooperative programs with the DOE currently include a $45.1 million grant under the American Recovery and Reinvestment Act (ARRA) that the company has utilized in the commercialization of its PowerPhase Pro® electric propulsion systems, including cost-sharing with the DOE on product development and testing of the automotive qualified system and related infrastructure investments including the Company’s 130,000-square-foot product development and manufacturing facility and its automotive qualified production lines with a capacity of 40,000 units on two shifts. The Company also recently kicked-off a $4 million cost-shared program with the DOE to develop alternative magnet materials that have the potential to replace rare earth magnets in high performance electric propulsion systems.
“As the current director of our ARPA-E program, I strongly believe that innovation is instrumental to U.S. competitiveness, creating jobs and putting our economy back on track. We want to invent new technologies, made by American companies to create the highly efficient vehicles that global consumers demand,” said Dr. Majumdar. “I am excited to see firsthand the electric motors, generators and power electronic controllers that UQM is manufacturing in Longmont, Colorado.”
“We are pleased to have Dr. Majumdar visit our facility to see first-hand the results of our successful collaboration,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “The support of the DOE through the Small Business Innovation Research Program to commercialization funding under the American Recovery and Reinvestment Act has helped UQM build upon our tremendous background and experience in the electrification market helping accelerate the viability of electric and hybrid electric vehicles.”
About UQM Technologies, Inc.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. UQM headquarters, engineering, product development center and manufacturing operation are 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 officers and directors with respect to, among other things, orders to be received under our supply agreement with CODA Automotive, Electric Vehicles International and Proterra, our ability to successfully expand our manufacturing facilities, 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-Q filed October 27, 2011, which is available through our website at www.uqm.com or at www.sec.gov.