LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE MKT: UQM) today announced that it has received the expected follow-on orders for fuel cell compressor modules from Ballard Power Systems (NASDAQ MKT: BLDP), a global leader in Proton Exchange Membrane (PEM) fuel cell technology. These compressor modules are a key component in hydrogen powered fuel cell systems used worldwide in Ballard’s bus applications. The UQM R410 fuel cell compressor system is designed for up to 150kW fuel cell stacks.
“UQM recently shipped the first production units of the complete fuel cell compressor system to Ballard,” said Joe Mitchell, Chief Operating Officer and Interim CEO and President of UQM Technologies. “This is an important step in the expansion of our product portfolio, which we believe should lead to increased revenue by broadening our reach in the marketplace. Supplying the complete fuel cell compressor system, including the motor, controller, compressor and associated software, provides us with a competitive advantage where we can leverage the technology to gain market share not only with Ballard but with other major OEM customers that are showing interest.”
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.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.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.