UQM Technologies Announces Strategic Alliance with Meritor to Jointly Develop Full Electric Axle Systems (E-Axles) Targeting ...
February 02 2017 - 8:30AM
Business Wire
- The alliance will develop full electric
axle systems to address the increasing commercial vehicle market
demand requirements for improved fuel economy and reduced emissions
through much higher levels of vehicle electrification.
- The intended purpose of this alliance
is to integrate mechanical drivetrain components from Meritor with
electric motor, controls, and software from UQM.
- This agreement will provide UQM both
development funding and the opportunity to supply E-axle components
directly to Meritor to support its customer base along with
identifying new customers and applications around the globe for
this exciting new product line.
UQM Technologies, Inc. (NYSE MKT: UQM) announced today
the signing of a development agreement with Meritor, Inc., located
in Troy, Michigan. The development program is expected to last for
two-and-one-half years. The alliance calls for Meritor to develop
integrated axle components for E-axle technology. The components
will be combined with UQM’s motor and inverter technology and
hardware to create the Meritor and UQM Electric Axle System (“MUQM
Electric Axles”) for the medium and heavy-duty commercial vehicle
markets.
The benefits of the system are expected to allow customers in
the medium and heavy-duty EV commercial markets to improve on
component packaging requirements, realize cost savings from
integration, and increased vehicle performance. “We are excited to
align ourselves with Meritor to address the commercial market from
a new vantage point. This allows UQM to focus on design and
development and in turn approach the market as a Tier 2 supplier
with a proven Tier 1 OEM,” said Joe Mitchell, President and CEO of
UQM. “We believe this relationship gives Meritor the opportunity to
become a leading supplier of E-axles using UQM’s technology
allowing customers to benefit from integrated solutions that drive
cost savings in the long term.”
“We are pleased to engage with UQM on this important project,”
said John Bennett, Meritor’s General Manager of Global Product
Strategy. “We believe that this relationship will provide leading
edge technology that will meet and exceed our customers’
expectations for E-axle solutions.”
The companies anticipate that prototypes will be ready by early
fall of 2017.
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 Meritor
Meritor, Inc. is a leading global supplier of drivetrain,
mobility, braking and aftermarket solutions for commercial vehicle
and industrial markets. With more than a 100-year legacy of
providing innovative products that offer superior performance,
efficiency and reliability, the company serves commercial truck,
trailer, off-highway, defense, specialty and aftermarket customers
around the world. Meritor is based in Troy, Mich., United States,
and is made up of approximately 8,000 diverse employees who apply
their knowledge and skills in manufacturing facilities, engineering
centers, joint ventures, distribution centers and global offices in
18 countries. Meritor common stock is traded on the New York Stock
Exchange under the ticker symbol MTOR.
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-Qs, 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/20170202005307/en/
EnergyTech Investors, LLCShawn Severson,
415-233-7094orUQM Technologies, Inc.David Rosenthal,
303-682-4900
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