LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE MKT:UQM) and Derindere Motorlu Araclar (DMA) have signed a memorandum of understanding, making UQM the supplier of electric propulsion systems to DMA for its fully electric light commercial vehicles production.
“We are excited to work with DMA, who has been a leader in electrification of vehicles in Turkey, and to add them to our expanding roster of global customers,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies Inc. “The MOU sets the stage to grow with DMA, beginning with the electric light commercial vehicle program in Turkey and potentially adding other vehicles and markets over time.”
UQM Technologies will initially provide the PowerPhase Pro® 135 electric propulsion systems to DMA for this program.
“In addition to the power level we wanted for the all-electric light commercial vehicle program, the UQM system also provides outstanding efficiency, which will help us meet our driving range goals,” said Önder Yol, Chief Executive Officer of DMA. “We believe the UQM systems will allow us to meet the demanding needs of our customers.”
The MOU sets the parameters for a successful launch of the light commercial vehicle program and also allows DMA to purchase additional UQM systems for other new electric vehicle applications as they are developed. Initial sales will begin in Turkey, and may, over time, expand into other regions of Europe.
Derindere Motorlu Araclar (DMA) is an automotive systems integration company based in Turkey with a focus on developing electric vehicle integration. The company is working toward its country’s goal of producing a 100-percent electric car with their own original design, developed with advanced technology to help build the future electric vehicle industry. For more information about DMA, please visit www.dmaoto.com.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus, marine and military 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 certified and located in Longmont, Colorado.
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, 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 annual report on Form 10-K for the fiscal year ended March 31, 2013 and our Form 10-Q filed on January 30, 2014, which is available through our website at www.uqm.com or at www.sec.gov.