UQM Technologies Receives Additional $3.0 Million Fuel Cell Compressor System Orders for China Market from a Number of Key Cu...
August 09 2018 - 8:30AM
Business Wire
- Due to increasing market demand, UQM
has secured new and follow on orders from several major Chinese
fuel cell companies including its Chinese OEM customer, for
scheduled delivery throughout 2018 and continuing into 2019.
- The UQM fuel cell compressor modules
are an integral component in the fuel cell technology for
automotive, and light, medium and heavy-duty vehicle applications.
In particular, the systems will be deployed in a number of vehicle
applications including full size transit buses, port vehicles,
shuttle vans and passenger cars through a broad range of power
levels.
- Receipt of these orders further
confirms UQM’s strategic decision to establish its fuel cell
compressor service center and WFOE structure in Shanghai, China to
support this growing market.
UQM Technologies, Inc. (NYSE American: UQM) announced
today new fuel cell compressor system purchase orders from several
new and existing Chinese customers, including its major Chinese OEM
customer. The new purchase orders are valued at approximately $3.0
million. All these orders represent incremental new business with
shipments expected to be delivered through 2018 into 2019.
UQM’s fuel cell compressor systems (FCS) utilize the UQM
permanent magnet motor and controller, paired with an Eaton
compressor. The result of this combination is a highly efficient
system for supplying air to fuel cell stacks, powering vehicles
ranging from automotive and SUVs to medium and large commercial
vehicles like buses and work trucks. These compressor modules are a
key component in hydrogen powered fuel cell systems. UQM has seen
increasing success for several years now with its state-of-the-art
fuel cell compressor system that are customized for a number of
propulsion applications for a wide variety of fuel cell stacks and
power levels.
The UQM FCS product portfolio accommodates a voltage range of
between 270-800 VDC, a pressure ratio ranging between 1.0 to 2.2,
and airflow between 100 to 500 kg/h, which allows the Company to
target the majority of the market need for fuel cell hybrid
electric vehicles.
As UQM CEO Joseph Mitchell stated, “When China expanded their
New Energy Vehicles regulations to include fuel cell vehicles,
there was a major shift and increase in demand in the fuel cell
vehicle market. We continue to expand our customer base and win new
business and customers with our proven high performance and cost
effective fuel cell compressor system in this growing market,
especially in China, but also in Europe and North America.
Establishing our fuel cell service center in Shanghai shows our
commitment to this market. Our fuel cell compressor product line
has become a key element of our global growth strategy, and we
continue to invest in improved performance and cost effective
solutions to serve this market.”
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 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, completing
expected sales and orders, gaining required certifications, new
product developments, development of the Shanghai service center
and the overall fuel cell market in China, future orders to be
received from our customers, future financial and sales 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: https://www.businesswire.com/news/home/20180809005335/en/
BPC Financial MarketingGeoff Quinn, 800-544-3092orUQM
Technologies, Inc.David Rosenthal, 303-682-4900
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