UQM Technologies Receives Additional $3.0 Million Fuel Cell Compressor System Orders for China Market from a Number of Key Customers Including UQM’s Major Chinese OEM Customer
LONGMONT, Colo.--(BUSINESS WIRE)--Aug 9, 2018--UQM Technologies, Inc. (NYSE American: UQM) announced today new fuel cell compressor system purchase orders from several new and existing Chinese customers, including its major Chinese OEM customer. The new purchase orders are valued at approximately $3.0 million. All these orders represent incremental new business with shipments expected to be delivered through 2018 into 2019.
UQM’s fuel cell compressor systems (FCS) utilize the UQM permanent magnet motor and controller, paired with an Eaton compressor. The result of this combination is a highly efficient system for supplying air to fuel cell stacks, powering vehicles ranging from automotive and SUVs to medium and large commercial vehicles like buses and work trucks. These compressor modules are a key component in hydrogen powered fuel cell systems. UQM has seen increasing success for several years now with its state-of-the-art fuel cell compressor system that are customized for a number of propulsion applications for a wide variety of fuel cell stacks and power levels.
The UQM FCS product portfolio accommodates a voltage range of between 270-800 VDC, a pressure ratio ranging between 1.0 to 2.2, and airflow between 100 to 500 kg/h, which allows the Company to target the majority of the market need for fuel cell hybrid electric vehicles.
As UQM CEO Joseph Mitchell stated, “When China expanded their New Energy Vehicles regulations to include fuel cell vehicles, there was a major shift and increase in demand in the fuel cell vehicle market. We continue to expand our customer base and win new business and customers with our proven high performance and cost effective fuel cell compressor system in this growing market, especially in China, but also in Europe and North America. Establishing our fuel cell service center in Shanghai shows our commitment to this market. Our fuel cell compressor product line has become a key element of our global growth strategy, and we continue to invest in improved performance and cost effective solutions to serve this market.”
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 IATF 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, completing expected sales and orders, gaining required certifications, new product developments, development of the Shanghai service center and the overall fuel cell market in China, future orders to be received from our customers, future financial and sales 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 or at .
Source: UQM Technologies, Inc.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180809005335/en/
CONTACT: BPC Financial Marketing
Geoff Quinn, 800-544-3092
UQM Technologies, Inc.
David Rosenthal, 303-682-4900
KEYWORD: UNITED STATES NORTH AMERICA COLORADO
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: UQM Technologies, Inc.
Copyright Business Wire 2018.
PUB: 08/09/2018 08:30 AM/DISC: 08/09/2018 08:31 AM