LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE American: UQM) announced today that it has signed a lease agreement in Shanghai, China to open a customer service center for both its fuel cell compressor systems and propulsions systems. The facility will allow UQM to provide quick turnaround for service and spare parts to UQM’s customers, and eventually assemble the fuel cell compressor systems in that region.
UQM has seen dramatic growth in its fuel cell compressor systems, particularly in China where the fuel cell market is expanding quickly. As the company has previously announced, 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.
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.
With the establishment of a physical location in Shanghai, UQM will now begin the process of creating a wholly-foreign-owned-entity (“WFOE”) in China. In alignment with management’s overall long-term strategy, the WFOE will support UQM’s other main undertakings in China, including the joint venture with China National Heavy Duty Truck Co., Ltd., and sourcing and purchasing key components.
UQM CEO Joseph Mitchell said, “We are very pleased to see the expansion of our fuel cell compressor business, and the opening of a service center in China is the next step in solidifying our position as a leader in this market. With our proven technology, and now our local presence established in China, we are continuing to execute on our strategy for global 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, 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 IATF 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.