LONGMONT, Colo.--(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.
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.