UQM Technologies Announces Initial Order from Sinotruk for UQM PowerPhase® DT Systems for Pilot Trials
September 19 2017 - 8:30AM
Business Wire
- This order kicks-off the initial
demonstration phase to put the UQM PowerPhase® DT system into
Sinotruk (Hong Kong) Limited commercial vehicles, leading to the
plan to supply the Sinotruk electrified vehicle portfolio as well
as supply UQM electric propulsion products to other Chinese
customers through the Sinotruk partnership.
- UQM recently announced the execution of
a Definitive Stock Purchase Agreement with China Heavy Duty Truck
Group, the parent company of Sinotruk, a leading, multi-billion
dollar global manufacturer of heavy and light-duty commercial
trucks and buses, and related key vehicle parts and
components.
- Sinotruk reported shipping over 172,000
commercial vehicles in 2016 and has over 25,000 employees.
UQM Technologies, Inc. (NYSE American:
UQM) announced today that Sinotruk (Hong Kong) Limited
(“Sinotruk”) has made an initial purchase of UQM PowerPhase® DT
systems for implementation and evaluation in their commercial
vehicles. This is the first step towards the long term strategy of
utilizing UQM electric drive products across Sinotruk’s portfolio
of commercial vehicles. Sinotruk is a leading heavy-duty commercial
vehicle manufacturer in China and one of the largest commercial
vehicle groups in the world, and this order signals the beginning
of the commercial partnership with UQM.
UQM and Sinotruk plan to form a joint venture for the
manufacture and sales of electric propulsion systems in China. The
parties expect Sinotruk to be a significant purchaser of electric
propulsion systems from the JV for Sinotruk’s commercial vehicles
and other customers will be identified for sales as well.
“After finding the right strategic partner in Sinotruk to enter
the China market and expand globally, this is the first step in our
business relationship. This initial order signals the beginning of
UQM’s now increased access to the largest electric vehicle market
in the world, leading to a much stronger competitive position for
propulsion systems in the global electric vehicle market,” said Joe
Mitchell, President and CEO of UQM.
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, 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.
About CNHTC and Sinotruk
China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the
parent company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a
leading heavy-duty commercial vehicle manufacturer in China and one
of the largest commercial vehicles groups in the world. Its
products are distributed in over 90 countries worldwide, including
South America, Africa, Southeast Asia, the Middle East, Ireland and
Australia, among many others. Since its founding in 1950,
CNHTC has had a long and successful history cooperating with
international partners in developing new products and markets in
China and elsewhere, including Steyr of Austria, MAN SE of Germany,
and Cargotec of Finland. CNHTC has two subsidiaries listed on the
Shenzhen Stock Exchange and the Hong Kong Stock Exchange,
respectively.
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-KT 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/20170919005343/en/
EnergyTech Investors, LLCShawn Severson,
415-233-7094orUQM Technologies, Inc.David Rosenthal,
303-682-4900
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