UQM Technologies Receives Follow-on $1.3 Million Fuel Cell Compressor System Order for China Market
March 15 2018 - 8:30AM
Business Wire
- As a follow-on order from UQM’s major
Chinese OEM customer, UQM will supply additional systems for the
rapidly growing automotive fuel cell market in China.
- Shipments are scheduled to begin in the
spring 2018 and through fall 2018.
- 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 minivan applications
in this offering.
- UQM continues to support the increase
in various applications for the fuel cell market in Asia, Europe
and the USA.
UQM Technologies, Inc. (NYSE American: UQM) announced
today a follow-on purchase order from its major Chinese OEM
customer for delivery of its R340 fuel cell compressor systems. The
purchase order is valued at $1.3 million. UQM received the initial
order valued at $2.2 million from this customer last year.
Shipments are expected to begin in the spring of 2018 and be
completed by fall of 2018. These compressor modules are a key
component in hydrogen powered fuel cell systems. UQM has seen much
success with its unique R340 fuel cell compressor system, which is
designed for light-duty automotive applications for up to 75kW fuel
cell stacks.
“We continue to work with this customer to improve and enhance
our system for performance, manufacturability and durability in
this growing fuel cell market,” said Joe Mitchell, President and
CEO of UQM Technologies. “As the China OEM continues to launch new
applications, we are poised to support the growth for this customer
and the fuel cell 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 TS 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, 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.
Source: UQM Technologies, Inc.
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version on businesswire.com: http://www.businesswire.com/news/home/20180315005263/en/
UQM Technologies, Inc.David Rosenthal,
303-682-4900orEnergyTech Investors, LLCShawn Severson,
415-233-7094
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