UQM Technologies Streamlines its Structure to Focus on Future Growth and Efficiency
April 01 2011 - 8:30AM
Business Wire
UQM Technologies, Inc. (NYSE Amex: UQM), a developer and
manufacturer of power-dense, high-efficiency electric motors,
generators and power electronic controllers, is streamlining the
company to better prepare for growth and success while improving
efficiency.
Previously, UQM operated as two businesses, focused on
production and product development. It will now function as one
company with efforts aligned into four core functions:
- Finance – This group will oversee all
finances and business functions, including human resources and
administration. It will be led by Donald A. French, Treasurer and
Chief Financial Officer.
- Operations – This group will include
the manufacturing and procurement functions for all high-volume and
prototype systems. It will be led by Ron Burton, Senior Vice
President of Operations.
- Engineering – This group will include
both production and development engineering. It will be led by Jon
Lutz, Vice President of Engineering.
- Sales and Business Development - This
group will focus on developing new business opportunities,
potential market segments, product and regional expansion and
investigating potential strategic partnerships. An executive to
lead this team will be announced at a later date.
Each leader of these new core areas will report directly to Mr.
Ridenour, President and Chief Executive Officer.
“This organizational change is key to our transition to
high-volume production of our electric-drive systems and to
developing new customers,” said Mr. Ridenour. “This new alignment
of resources enables the company to operate more efficiently and
helps UQM to focus on the development of next generation products,
continue to improve manufacturing processes and reduce cost and
more aggressively pursue additional sales of our
production-validated electric-propulsion systems.”
Over the past five weeks, UQM has announced business agreements
to supply Audi, Rolls-Royce and Saab with electric propulsion
systems for pre-production test fleets. The company has a validated
production line capacity of 40,000 units per year to supply CODA
Automotive and other automotive OEM companies. UQM also supplies
Proterra Inc. with electric propulsion systems to power their
composite transit buses, as well as Electric Vehicles International
(EVI) for its medium-duty delivery vehicles.
“The electrification of the vehicle marketplace is happening at
a rapid rate, and our significant investments throughout the
company make us well-positioned to deliver the value, innovation
and quality that our customers expect,” continued Ridenour. “Our
realignment allows us to continue doing what we do, only better –
delivering high-quality, competitive products for the fast growing
electric vehicle and hybrid markets.”
The company recently relocated to a new 130,000 square foot,
30-acre facility in Longmont, Colorado. The facility houses a fully
validated production process that meets Advanced Product Quality
Planning (APQP) automotive standards and is capable of high-volume,
quality production, including successful programs for major
automotive OEMs.
About UQM Technologies, Inc.
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, military and industrial
markets. A major emphasis for UQM is developing products for the
alternative-energy technologies sector, including propulsion
systems for electric, hybrid electric, plug-in hybrid electric and
fuel cell electric vehicles, under-the-hood power accessories and
other vehicle auxiliaries. UQM headquarters, engineering, product
development center and manufacturing operation are located in
Longmont, Colorado.
Please visit www.uqm.com for more information.
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 officers and directors with respect to, among other things,
orders to be received under our supply agreement with CODA
Automotive, our ability to successfully expand our manufacturing
facilities, 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-Q filed February 1, 2011,
which is available through our website at www.uqm.com or at
www.sec.gov.
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