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UQM Technologies Receives New Follow-On Order from Proterra® to Support Increased Demand

March 10, 2016
  • The new order is for UQM PowerPhase HD® electric drive systems to be delivered during 2016.
  • Proterra® zero emission buses have reached two million miles of revenue service, and Proterra is ramping up production in 2016 to meet the growing demand for emission-free transportation.
  • Proterra has saved transit agencies across North America over 420,000 gallons in fuel and prevented more than 7.6 million pounds of CO2 emissions.

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies Inc. (NYSE MKT: UQM) today announced the receipt of a new order from Proterra for PowerPhase HD® electric drive systems to be completed and shipped before the end of 2016. Proterra will nearly double its production capacity in 2016 as an increasing number of transit agencies see zero-emission buses as a credible and proven alternative to diesel, CNG, and hybrid buses. With active fleets and more than 60 buses on the road today in Texas, California, Massachusetts, Nevada, Kentucky, Tennessee, Florida, South Carolina and Washington, Proterra’s production ramp is designed to meet the growing demand for emission-free transportation across the country.

“We have worked closely over the years with Proterra to create what we believe is the most technologically advanced heavy-duty electric drivetrain in the marketplace,” said Joe Mitchell, President and CEO of UQM Technologies Inc. “That achievement, combined with Proterra’s over two million proven miles, makes the UQM/Proterra solution a hugely successful transit vehicle. We expect this growth trend to continue as more transit agencies throughout the world electrify their fleets. It is a tribute to the durability and quality of the UQM drive system that helped lead to this hallmark achievement by Proterra.”

Ryan Popple, CEO of Proterra said, “This achievement marks an important step for Proterra as a company, and UQM has been a tremendous support as a partner in reaching this milestone. With UQM’s industry leading electric drive technology and the hard work of both teams, we are closer to reaching the economic, environmental and civic value of electric mass transit. It demonstrates to the transit agencies that diesel – often viewed as a necessary evil – is no longer necessary. Proterra powered by UQM is the best transit technology on the road today.”

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 Proterra

Proterra is a leader in the design and manufacture of zero-emission vehicles that enable bus fleet operators to significantly reduce operating costs while delivering clean, quiet transportation to the community. Proterra has sold more than 122 vehicles to 15 different transit agencies throughout North America. Proterra’s configurable EV platform, battery and charging options make its buses well-suited for a wide range of transit and campus routes. With unmatched durability and energy efficiency based on rigorous U.S. certification testing, Proterra products are proudly designed, engineered and manufactured in America, with offices in Silicon Valley and South Carolina. For more information visit: http://www.proterra.com/ and follow us on Twitter @Proterra_Inc.

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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