LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE MKT:UQM) today announced that the initial PowerPhase Pro® 135 systems for ITL Efficiency Corporation (“ITL”) are expected to be shipped by December 31, 2015, and will be used in the vehicle control unit integration and the test and certification programs which are necessary before product launch can occur. These systems are part of the recently announced 10-year supply agreement program between UQM and ITL.
“We are pleased that ITL has formally kicked off the ordering process and these initial electric propulsion systems will be utilized to begin the test and certification vehicles for the 6 – 8 meter buses in China,” said Joe Mitchell, Chief Operating Officer and Interim President and CEO. “We have stated that the testing and certification processes are anticipated to take place in calendar 2016 leading to a production launch in 2017, and so far everything appears to be on schedule.”
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.
ITL is an independent wholly-owned subsidiary of Eastlake New Energy and responsible for the entire electric drive supply to Eastlake and its subsidiaries. Its goal is to become a major e-drive system supplier to the entire China market. Beyond the UQM supplied propulsion systems, ITL is responsible for the supply of transmissions, vehicle control units (VCU’s), DC/DC converters and other related components along with vehicle system integration, application and certification support.
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, the amount of revenue that could potentially be generated over the term of this agreement, the timing and success of completing necessary test and certification processes for ITL to order UQM products, the number of units ordered by ITL under the supply agreement, the timing of beginning manufacturing operations in China, the success of ITL in introducing its electric drive systems (including UQM products) into the vehicles produced by itself and its affiliates, and the continued growth of the electric-powered vehicle industry in the Chinese market. Important factors that could cause actual results to differ from those contained in the forward-looking statements include the ability to timely resolve any technical challenges of integrating UQM products into ITL electric drive systems, the responsiveness of customers to ITL’s products, the timing and quantity at which ITL issues binding purchase orders under the long-term supply agreement and other factors described in our Form 10-K and Form 10-Q’s under the heading “Risk Factors,” which are available through our website at www.uqm.com or at www.sec.gov.