LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE American: UQM) announced today the receipt of an order for a PowerPhase®DT system for the Chung Shing Group, located in Taiwan. Chung Shing has selected the UQM PowerPhase DT system for evaluation and trial for their electric bus offering. The UQM PowerPhase DT system offers best in class power density and performance for full size buses. In addition, the UQM drivetrain in the PowerPhase DT provides a greater speed and torque range than direct drive systems, allowing smaller electric motors to drive large vehicles. The UQM electric drivetrain system also allows for improved packaging, greater efficiency, greater payload capacity and lower cost when compared with direct drive or single-speed drivetrain strategies.
As battery costs rapidly decrease, heavy-duty commercial and transit markets see the economic potential of electric drive vehicles compared to large diesel engines and multispeed transmissions. Fuel savings of pure electric vehicles (>20 mpg equivalent) compared with traditional diesel (4 mpg) and hybrid systems (6 mpg) is enough to quickly recover the investment in an electric drive.
According to UQM CEO Joseph Mitchell, “Working with a world class company such as the Chung Shing Group and our entry into the Taiwan market is another significant step in the global expansion and growth of UQM. We continue to bring on world class customers into the UQM portfolio and this is a testament to the quality of our products and our excellent team representing us around the world. We definitely look forward to supporting the Chung Shing Group and their expansion into the EV market.”
“The high efficient E-drive system and technical cooperation with UQM will improve the efficiency of the bus fleet and save energy as well as total cost of ownership,” says Mr. Jeffrey Lu, President and CEO of Chung Shing Group. “This is in line with the demands of Taiwan city bus ecological environment.”
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 Chung Shing Group
Chung Shing Group currently consists of Chung Shing Bus, Kung Hua Bus, Zhinan Bus, Tansui Bus, Hsin-Ho Bus, Keelung Bus, and King Lung Automobile Manufacturing Co., Ltd. The fleet size is 1,818, serving mainly Taipei City, New Taipei City, Keelung City, and Taoyuan City. From 2008, King Lung Automobile Manufacturing Co., Ltd. was established to design and assemble chassis and build the first low-floor bus in Taiwan. After that, it continued to research and develop high-speed buses, rehab buses, medium-sized low-floor buses, and other models. So far the factory has more than 2,000 low-floor buses and high-bay buses. Recently, based on environmental protection and government policies, it has also begun to invest in research and development of electric buses. For more information, please visit www.csgroup-bus.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-Qs, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.