UQM Tech. (UQM) Receives Initial Order for Fifty PowerPhase Electric Propulsion Systems
UQM Technologies, Inc. (NYSE Amex: UQM) announced today that it has received an initial order for over fifty PowerPhase electric propulsion systems as part of the fleet build and vehicle development activities of an established international automobile manufacturer. Deliveries under the order are scheduled to occur in the fourth calendar quarter of 2010 and the first calendar quarter of 2011. Automobile companies typically build test fleets to evaluate new vehicles that are under development prior to their market launch.
“We consider our selection by this international automobile manufacturer to be a significant development and further confirmation of our position as a leading supplier of electric propulsion systems to this emerging market,” said William G. Rankin, President and Chief Executive Officer of UQM Technologies. “We have been in discussion with and under evaluation by this new customer for over six months and have satisfied their demanding requirements for system performance, safety, quality, availability and price. Introduction of this vehicle is targeted for 2012 and we have quoted delivery and price for over 25,000 systems.”
“The automotive qualification of our PowerPhase® electric propulsion system together with expansion of our manufacturing capacity to allow for the production of commercial volumes of this system at a competitive cost is creating additional opportunities with automobile manufacturers worldwide. This automobile company represents the ninth in a growing list of established carmakers with vehicles under evaluation powered by our electric propulsion and/or generator systems,” added Mr. Rankin.
Create E-mail AlertRelated Categories
Corporate NewsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
