U.S. Markets close in 1 hr 16 mins

UQM Technologies Enters India Electric Vehicle Market, Receives Initial Order from Ashok Leyland for UQM PowerPhase® Electric Drivetrain (eDT) Systems for Transit Bus Applications

LONGMONT, Colo.--(BUSINESS WIRE)--

UQM Technologies, Inc. (NYSE American: UQM) today announced the first purchase order from Ashok Leyland, a major India commercial vehicle manufacturer. The purchase order is for fifty-one UQM PowerPhase® eDT systems to be shipped during 2018 for a demonstration program for electric transit buses in India. The purchase order signifies the first step in the development program to gain market leadership and drive the overall 2030 India electrification initiative.

Ashok Leyland manufactures commercial vehicles of all classes and is the second largest commercial vehicle manufacturer in India.

The electric bus program is utilizing the high efficiency UQM PowerPhase eDT traction drive system, which uses the UQM electric drive paired with an Eaton 2-speed transmission. The PowerPhase eDT has proven efficiency, range, and reliability with millions of miles on the road with UQM’s global customers. This program will assist in reducing dangerous levels of diesel emissions, thereby improving operational safety and environmental conditions in the India transit arena.

Upon successful completion of the demonstration program, Ashok Leyland would plan to move forward with its strategy to grow the India EV market with additional zero-emission vehicles incorporating the UQM electric drive technology.

“The development work between our teams has been significant to get to this point, and now the prototype program for this strategic alliance is underway. UQM is aligned with Ashok Leyland’s vision and is prepared to support and grow this critical commercial vehicle transit bus market in India. We view this as a long term relationship, and we are pleased to support our new strategic customer,” 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 Ashok Leyland

Ashok Leyland is the second largest commercial vehicle manufacturer in India, fourth largest manufacturer of buses in the world, and twelfth largest manufacturer of trucks globally. Operating nine plants, Ashok Leyland also makes spare parts and engines for industrial and marine applications.

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: http://www.businesswire.com/news/home/20180307005260/en/