UQM Technologies Wins Contract from Major Fuel Cell System Supplier in China for Fuel Cell Compressor Systems
December 17 2018 - 8:00AM
Business Wire
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the
“Company”), a developer of alternative energy technologies,
today announced it has won an order from a major fuel cell system
supplier in China for UQM’s Fuel Cell Compressor System (“FCS”).
This combined electric motor, inverter and compressor module was
selected as a high-performance, cost-effective solution by this new
production customer after having purchased several FCS units
earlier in 2018 for demonstration purposes. The new contract will
cover deliveries in 2019, and the initial order value is
approximately $1.8 million. Additional details, including the name
of the customer, specific vehicle program, and launch timing, were
not disclosed for competitive reasons.
“We believe our fuel cell compressor system is the premier
solution – from both a performance and cost perspective – in the
market today,” said Joe Mitchell, UQM Technologies’ President and
Chief Executive Officer. “At present, more than 50% of the
operating fuel cell vehicles in China are estimated to be equipped
with this company’s fuel cell engines, so we are very pleased that
they have the confidence in UQM for this major contract – having
worked closely with us earlier in the year. We look forward to
partnering with them on additional orders going forward to support
their growth and address the demand in this expanding market.”
The UQM FCS has been fully customized for fuel cell applications
covering a wide range of applications, supporting fuel cell stacks
from 30kW-150kW and 270-800 VDC voltage range, a pressure ratio
ranging from 1 to 2.2, and airflow from 100 to 500 kg/h. FCS units
are already 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.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181217005128/en/
UQM Investor RelationsChris
Witty646-438-9385cwitty@darrowir.comorUQM Technologies,
Inc.David Rosenthal303-682-4900investor@uqm.com
UQM Technologies (AMEX:UQM)
Historical Stock Chart
From Aug 2024 to Sep 2024
UQM Technologies (AMEX:UQM)
Historical Stock Chart
From Sep 2023 to Sep 2024