UQM Technologies Receives Follow-On Fuel Cell Compressor System Orders from Ballard Power Systems
August 18 2015 - 8:30AM
Business Wire
- UQM shipped first complete fuel cell
compressor systems to Ballard Power Systems.
- The expected follow-on orders for
production fuel cell compressor systems have been received with
scheduled delivery in the next quarter.
- Success of the Ballard fuel cell
systems for bus applications has led to increased customer
demand.
- The UQM compressor modules are an
integral component in the fuel cell technology for automotive and
medium and heavy duty vehicle applications.
UQM Technologies Inc. (NYSE MKT: UQM)
today announced that it has received the expected follow-on orders
for fuel cell compressor modules from Ballard Power Systems (NASDAQ
MKT: BLDP), a global leader in Proton Exchange Membrane (PEM) fuel
cell technology. These compressor modules are a key component in
hydrogen powered fuel cell systems used worldwide in Ballard’s bus
applications. The UQM R410 fuel cell compressor system is designed
for up to 150kW fuel cell stacks.
“UQM recently shipped the first production units of the complete
fuel cell compressor system to Ballard,” said Joe Mitchell, Chief
Operating Officer and Interim CEO and President of UQM
Technologies. “This is an important step in the expansion of our
product portfolio, which we believe should lead to increased
revenue by broadening our reach in the marketplace. Supplying the
complete fuel cell compressor system, including the motor,
controller, compressor and associated software, provides us with a
competitive advantage where we can leverage the technology to gain
market share not only with Ballard but with other major OEM
customers that are showing interest.”
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 Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean
energy products that reduce customer costs and risks, and helps
customers solve difficult technical and business challenges in
their fuel cell programs. To learn more about Ballard, please visit
www.ballard.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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150818005383/en/
StreetSmart Investor RelationsAnnie Leschin,
415-775-1788orUQM Technologies, Inc.David I. Rosenthal,
303-682-4900
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