UQM Technologies Receives $1.2 Million Explosion-Proof E-Drive System Order from KESHI for the China Mining Vehicle Market
January 18 2018 - 8:30AM
Business Wire
- The order was placed by KESHI, a major
Chinese manufacturer of commercial vehicles used in the mining
industry.
- Shipments are scheduled to occur during
2018.
- The explosion-proof E-drive system
includes UQM’s PowerPhase® 950T and is an integral part in the
vehicle application for the Chinese mining industry. This product
eliminates dangerous diesel emissions, thereby improving mine
operational safety conditions for workers.
- UQM signed a cooperation agreement with
KESHI in 2015. KESHI’s production launch was delayed due to the
market conditions, but now has made a major commitment to this new
energy market.
UQM Technologies Inc. (NYSE AMERICAN: UQM) today
announced the first significant purchase order from KESHI, a major
Chinese manufacturer of commercial mining vehicles. The purchase
order is for explosion-proof E-drive systems and is valued at $1.2
million. Shipments are expected to occur during 2018. While UQM
signed a cooperation agreement with KESHI in 2015, KESHI’s
production launch was delayed due to the market conditions, but now
has made a major commitment to this new energy market application.
KESHI plans to move forward with their strategy to do final
assembly and test in China under UQM’s current cooperation
agreement for explosion-proof electric propulsion systems in
China.
“The development work between our teams has been significant,
and we are very pleased that KESHI now seems poised to support and
grow the commercial electric mining vehicle market in China. We see
the receipt of this purchase order as the beginning of a long term
growth opportunity with KESHI,” said Joe Mitchell, President and
CEO of UQM Technologies.
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. For more information, please visit www.uqm.com.
About KESHI GROUP
Changzhou KESHI GROUP is the leading manufacturer and marketer
of coal mining auxiliary transport technology and equipment in
China. With over 1,600 employees, the company has numerous patents
stemming from their expertise in the design and development of
these specialty vehicles. KESHI GROUP is the largest developer and
manufacturer of explosion-proof vehicles in China, and is devoted
to the development and manufacturing of explosion-proof electric
vehicles.
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/20180118005370/en/
EnergyTech Investors, LLCShawn Severson,
415-233-7094orUQM Technologies, Inc.David Rosenthal,
303-682-4900
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