LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE American: UQM) announced today that Green4U Technologies Inc., located in Braselton, Ga., has chosen UQM to be its supplier of choice for eDrives for an array of electric vehicles designed for fleet operators. Green4U’s founder Don Panoz is a successful entrepreneur in numerous industries including pharmaceutical, automotive and motorsports, and is looking to expand into the electric vehicle market. Green4U plans to market a range of U.S. manufactured EVs primarily for business use but also suitable for consumers. The UQM platform will enable Green4U to expand its EV product line to SUVs and medium-to-large commercial vehicles like buses and work trucks.
According to UQM CEO Joseph Mitchell, “This collaboration between UQM and Green4U and selection of UQM to be Green4U’s eDrive supplier of choice is another example of our superior performance and value being recognized in the industry. We are thrilled to partner with Green4U and Don Panoz to support their growth and entry into this market.”
Don Panoz, founder of Green4U, sees this as an ideal strategic partnership. “Since weight greatly affects EV range, at Green4U we are experts at making things light and strong,” Panoz said. “We’ve been using aluminum chassis designs, aluminum body panels, and carbon fiber composite structures in our Panoz sports and race cars for years, and we’re applying this expertise, plus other technologies we’re developing and sourcing, to our Green4U EVs. UQM has been a player in the global EV space for decades, and is the market leading technology provider of electric propulsion systems. We are very pleased to have UQM as our electric drive supplier.”
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 Green4U Technologies
Green4U is working to meet the growing demand for electric vehicles from taxi fleets, municipalities, military organizations, logistics companies and consumers. Green4U’s founders conducted extensive market analysis and industry due diligence and confirmed that a significant market opportunity exists for a new business model that provides clean, reliable and lower cost EV alternatives to organizations that place a high priority on sustainability and are attracted to an EV fleet’s substantially lower operating costs. For more information, please visit www.green4u.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.