LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM) announced today that The Keshi Group presented the first commercially available electric mining vehicle powered by the UQM Explosion-Proof PowerPhase® HD250 electric drive system, at the China Coal and Mining Expo 2015 in Beijing, China. As previously announced, UQM has entered into a ten-year cooperative production and supply agreement with The Keshi Group, who is a major manufacturer of vehicles used in the mining industry in China. The UQM electric drive system is designed for use in deep underground in hazardous mining environments and will be powering 3 to 5 ton personnel carriers and deep mining vehicles. The Keshi Group is in the process of obtaining China Mining MA Certification from the China Safety Approval and Certification Center.
UQM has received follow-on purchase orders for additional explosion-proof HD250 and HD950T systems, for delivery this fall and early in 2016. The Keshi Group plans on using UQM as the exclusive supplier of electric propulsion systems for a variety of electric mining vehicle types.
“The UQM powered Keshi Group explosion-proof mining vehicle generated a great deal of interest from the mining industry at the China Coal and Mining EXPO 2015,” said Joe Mitchell, COO and Interim CEO and President of UQM. “Feedback from The Keshi Group indicates a strong commercial need for this type of mining vehicle in China, and we expect new orders to follow. We are impressed with the quality and execution of this new vehicle and are anticipating solid commercial success based on the industry reception at the Mining EXPO 2015.”
Senior representatives from The Keshi Group reported that the China Coal and Mining EXPO 2015 was a perfect showcase for this new type of vehicle, and the response was positive from both the mining industry representatives and the China government officials who attended. Many initiatives in China are underway to improve working conditions in the mines and The Keshi Group has expressed a strong commitment to be at the forefront of these efforts.
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 KESHI GROUP
Changzhou KESHI GROUP is the leading manufacturer and marketer of coal mining auxiliary transport technology and equipment in China. With over 1,600 employees, the company has numerous patents stemming from their expertise in the design and development of these specialty vehicles. KESHI GROUP is the largest developer and manufacturer of explosion-proof vehicles in China, and is devoted to the development and manufacturing of explosion-proof electric vehicles.
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.