LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies Inc. (NYSE MKT: UQM) today announced the receipt of a purchase order release authorization from China customer ITL Efficient Energy Tech CO, Ltd (“ITL”), for 300 PowerPhasePro®135 e-drive propulsion systems for the China market. The order is the first production release received as part of the supply agreement between UQM and ITL for the China market.
The UQM PowerPhasePro 135 e-drive system has been identified to be an industry-leading product for the 6-8 meter light-duty bus and commercial truck applications. According to UQM President and CEO, Joe Mitchell, “We are beginning to see results from all of the hard work and collaboration that has transpired in developing this relationship, and we are grateful to have ITL as a key customer in supporting UQM’s growth in the China market.”
ITL, based in Beijing, is responsible for supplying the electric drivetrain system for vehicles in the 6-8 meter light bus and commercial truck market. Due to the widespread interest in the UQM e-drive system, ITL is actively courting new customers in this rapidly growing new energy vehicle class that utilize the UQM PowerPhasePro 135 system. “It has been a long journey, and now that ITL is ramping up for production, this release order of 300 e-drive systems from UQM is just the beginning of new orders for the booming new energy vehicle market in China,” said Frank Lee, President of ITL.
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, military 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 ITL
ITL is an independent e-drive system supplier to the entire China new energy vehicle market. Beyond the UQM supplied propulsion systems, ITL is responsible for the supply of transmissions, vehicle control units (VCU’s), DC/DC converters and other related components along with vehicle system integration, application and certification support.
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.
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