LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE MKT: UQM) today announced that it will expand directly into the fuel cell business by taking over the fuel cell compressor module business from Roush Performance Products. These compressor modules are an integral component of hydrogen powered fuel cell vehicles. UQM will now manufacture the complete compressor modules for Roush’s current customer base as well as for new customers. UQM had previously built components for these modules. Roush made a strategic decision to exit this business, but wanted to ensure that its customers would have a high quality, stable supply source for future purchases and approached UQM to be the on-going supplier of these products. UQM will commence manufacturing the fuel cell compressors no later than May 15, 2015.
“We are excited to directly enter the fuel cell industry through this business transfer from Roush,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “Our expertise in manufacturing electric motor and controller systems makes this a natural extension of our existing product lines. Our revenue and gross profits will be improved as a result of this addition to our business. We look forward to serving the needs of our new customers and finding opportunities to expand the business as well.”
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers 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 certified and 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 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.