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UQM Technologies Fulfills Initial Shipment to Its Chinese Customer ITL

February 02, 2016
  • UQM has shipped the initial order to ITL announced in November 2015.
  • This order is intended to start the VCU integration and the test and certification programs for 6–8 meter shuttle buses.
  • First year of production beginning in 2017 is expected to take place in Colorado with plans to manufacture UQM products in China thereafter.

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies Inc. (NYSE MKT: UQM) today announced that is has shipped the initial order to its Chinese customer ITL Efficiency Corporation (“ITL”), a subsidiary of Eastlake New Energy (“Eastlake”). The initial PowerPhase Pro® 135 electric drive systems are for the test and certification program, currently on schedule for 2016, under the recently announced ten-year supply agreement with ITL. UQM expects to manufacture its electric propulsion systems for ITL in Colorado through 2017 with plans to produce product in China thereafter. Initially, the PowerPhase Pro 135 electric propulsion system will be sold to address the 6-8 meter shuttle bus market in China, with larger delivery truck and transit bus applications slated to begin in early 2017 with the PowerPhase HD® 250 system.

“This initial shipment is an important first step in executing the terms of the supply agreement we signed with ITL last October,” said Joe Mitchell, President and CEO of UQM Technologies. “We expect that the integration and test and certification programs for ITL will be completed in 2016, and I am pleased that everything so far appears to be on schedule.”

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 wholly-owned subsidiary of Eastlake New Energy and responsible for the entire electric drive supply to Eastlake and its subsidiaries. Its goal is to become a major e-drive system supplier to the entire China 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 vehicle system integration, application and certification support.

About Eastlake New Energy

Eastlake New Energy (Group) was set up by the Eastlake Industrial Investment Management in September 2013. The company is focused on the R&D, manufacture and sale of new energy vehicles. Products include pure EV buses, airport shuttle buses, pure electric SUVs, and auto parts. Eastlake owns multiple subsidiary brands, including: Yixing, Yangtse Bus and Speka, which were acquired after establishment. For more information, please visit http://eastlakenea.net/.

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.

Source: UQM Technologies, Inc.

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