UQM Technologies Announces First Production Order Release to Ship 300 PowerPhasePro®135 e-Drive Systems to Chinese Customer ...
December 13 2016 - 8:30AM
Business Wire
- This is the first production release to
ITL, based on the supply agreement signed last year between UQM and
ITL.
- This order from UQM will provide
electric propulsion systems for ITL’s 6-8 meter light-duty bus and
commercial truck applications.
- Shipment of this production release is
scheduled for early 2017, consistent with the terms of the supply
agreement UQM announced in November 2015.
UQM Technologies Inc. (NYSE MKT: UQM) today announced the
receipt of a purchase order release authorization from China
customer ITL Efficient Energy Tech CO, Ltd (“ITL”), for 300
PowerPhasePro®135 e-drive propulsion systems for the China market.
The order is the first production release received as part of the
supply agreement between UQM and ITL for the China market.
The UQM PowerPhasePro 135 e-drive system has been identified to
be an industry-leading product for the 6-8 meter light-duty bus and
commercial truck applications. According to UQM President and CEO,
Joe Mitchell, “We are beginning to see results from all of the hard
work and collaboration that has transpired in developing this
relationship, and we are grateful to have ITL as a key customer in
supporting UQM’s growth in the China market.”
ITL, based in Beijing, is responsible for supplying the electric
drivetrain system for vehicles in the 6-8 meter light bus and
commercial truck market. Due to the widespread interest in the UQM
e-drive system, ITL is actively courting new customers in this
rapidly growing new energy vehicle class that utilize the UQM
PowerPhasePro 135 system. “It has been a long journey, and now that
ITL is ramping up for production, this release order of 300 e-drive
systems from UQM is just the beginning of new orders for the
booming new energy vehicle market in China,” said Frank Lee,
President of ITL.
About UQM
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 ITL
ITL is an independent e-drive system supplier to the entire
China new energy vehicle 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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161213005236/en/
UQM Technologies, Inc.David Rosenthal,
303-682-4900orEnergyTech Investor LLCShawn Severson,
415-233-7094
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