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UQM Technologies Enters Cooperative Production and Supply Agreement with the KESHI GROUP in Changzhou, China for Explosion Proof Systems

February 05, 2015
  • KESHI is a major manufacturer of vehicles used in the mining industry
  • UQM has designed this innovative explosion proof system for KESHI based on the PowerPhase HD® 250 propulsion system
  • UQM to provide core component kits to KESHI who will do final assembly and test under an exclusive license agreement for explosion proof motors in China
  • The term of the agreement is 10 years

LONGMONT, Colo.--()--UQM Technologies Inc. (NYSE MKT: UQM) today announced that it has entered into a ten-year cooperative production and supply agreement with the KESHI GROUP in Changzhou, China. KESHI is a major manufacturer of vehicles used in the mining industry in China. Under the supply agreement, UQM will supply the core component parts and KESHI will source the unique explosion proof components and perform final assembly and test in Changzhou under a license agreement with UQM. The relationship between the two companies is exclusive for explosion proof systems in China. Production is expected to begin in 2015 and will ramp over the next few years. This represents a first phase of cooperation between the companies and both companies have identified additional areas of interest and growth, and will continue discussions on additional opportunities to expand their commercial relationship.

“We are thrilled to enter into this agreement with KESHI,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “We have worked with KESHI for almost a year designing the explosion-proof propulsion system they need to meet the rigorous mining requirements for their vehicles, and now have secured a long-term supply relationship with this leading company in China’s mining industry. Having visited KESHI’s facilities, we know that their management team and their state-of-the-art production operations make them the perfect partner for us to officially enter the China mining market.”

“We are extremely excited that we have the ability to work with UQM as our long-term partner. The China mining market is growing and many initiatives are underway to improve working conditions in the mines. KESHI is committed to be at the forefront of these efforts. This agreement allows our company to take a leading edge position in manufacturing explosion proof permanent magnet electric propulsion systems and explosion proof electric vehicles with UQM in China. This also allows KESHI to provide world leading permanent magnet electric propulsion to explosion-proof electric vehicles and other fields as well,” said Mr. Hanjun Jiang, President and General Manager of KESHI.

About KESHI GROUP

Changzhou KESHI GROUP is the leading manufacturer and marketer of coal mining auxiliary transport technology and equipment in China. With over 1,600 employees, the company has numerous patents stemming from their expertise in the design and development of these specialty vehicles. KESHI GROUP is the largest developer and manufacturer of explosion-proof vehicles in China, and is devoted to the development and manufacturing of explosion-proof electric vehicles.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the commercial truck, bus, automotive, marine and 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 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.

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David I. Rosenthal, 303-682-4900

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