LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) announced today recent orders from five new China customers and two new European customers for UQM fuel cell compressor systems for fuel cell development programs. The UQM fuel cell compressor system includes the UQM power dense permanent magnet motor and controller, and the EATON compressor technology. This compressor system is becoming well known in the market for its large efficiency window, high reliability, and low total cost of ownership.
China is at the beginning of developing fuel cell vehicles and fueling infrastructure, and by 2020 plans to have 10,000 fuel cell vehicles on the road with the infrastructure to support the growth.
Already a key market player in the heavy-duty commercial and transit e-drive space, UQM is now increasing its market reach as the market becomes more focused on hydrogen fuel cells.
According to UQM CEO Joseph Mitchell, “The China fuel cell market is growing very quickly, and UQM is very well positioned with our proven fuel cell compressor technology to capitalize on this growth. This product line has become a key part of our overall strategy, and obtaining this many new customers in both China and Europe positions us very well to participate in this growth.”
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.