LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM) announced today the signing of a development agreement with Meritor, Inc., located in Troy, Michigan. The development program is expected to last for two-and-one-half years. The alliance calls for Meritor to develop integrated axle components for E-axle technology. The components will be combined with UQM’s motor and inverter technology and hardware to create the Meritor and UQM Electric Axle System (“MUQM Electric Axles”) for the medium and heavy-duty commercial vehicle markets.
The benefits of the system are expected to allow customers in the medium and heavy-duty EV commercial markets to improve on component packaging requirements, realize cost savings from integration, and increased vehicle performance. “We are excited to align ourselves with Meritor to address the commercial market from a new vantage point. This allows UQM to focus on design and development and in turn approach the market as a Tier 2 supplier with a proven Tier 1 OEM,” said Joe Mitchell, President and CEO of UQM. “We believe this relationship gives Meritor the opportunity to become a leading supplier of E-axles using UQM’s technology allowing customers to benefit from integrated solutions that drive cost savings in the long term.”
“We are pleased to engage with UQM on this important project,” said John Bennett, Meritor’s General Manager of Global Product Strategy. “We believe that this relationship will provide leading edge technology that will meet and exceed our customers’ expectations for E-axle solutions.”
The companies anticipate that prototypes will be ready by early fall of 2017.
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.
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,000 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 18 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR.
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.