LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) announced today a follow-on purchase order from its major Chinese OEM customer for delivery of its R340 fuel cell compressor systems. The purchase order is valued at $1.3 million. UQM received the initial order valued at $2.2 million from this customer last year. Shipments are expected to begin in the spring of 2018 and be completed by fall of 2018. These compressor modules are a key component in hydrogen powered fuel cell systems. UQM has seen much success with its unique R340 fuel cell compressor system, which is designed for light-duty automotive applications for up to 75kW fuel cell stacks.
“We continue to work with this customer to improve and enhance our system for performance, manufacturability and durability in this growing fuel cell market,” said Joe Mitchell, President and CEO of UQM Technologies. “As the China OEM continues to launch new applications, we are poised to support the growth for this customer and the fuel cell market.”
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, 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.
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.
Source: UQM Technologies, Inc.