UQM Technologies Announces Business Relationship with South Korean Power Plaza for UQM PowerPhase Electric Motor and Controller Systems

February 05, 2015
  • UQM to provide the PowerPhase Pro
      ® 100 electric motor/controller systems for high-performance 1-ton truck conversions
    • Power Plaza is working directly with the Seoul city government on this project, with initial conversions being placed in several local postal fleets for testing and evaluation
    • There are over 2.5 million 1-ton trucks in South Korea, primarily used for short haul delivery, making a strong case for electric conversions

    LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM) today announced a business relationship with Power Plaza Co. Ltd., a South Korean electric vehicle manufacturer, to provide PowerPhase Pro® 100 electric motor and controller systems for the rapidly growing Korean 1-ton truck EV market.

    Power Plaza is working with the Seoul city government and other key partners on a program to convert 1-ton diesel trucks – which are the primary commercial truck used in Seoul – to electric vehicles. Power Plaza will launch the pilot program for the high-performance version using UQM PowerPhase electric motors and controllers in 2015 after initial homologation. One of the key partners in the program is the South Korean conglomerate CJ which has a total fleet of 18,000 1-ton vehicles used for short-haul delivery, and is evaluating electrifying a portion of their fleet.

    “We are excited to begin this work with Power Plaza and to expand our footprint in the South Korean market,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “Our products perform well in a broad range of applications, and this relationship further enhances our position as a global leader in electric propulsion.”

    “Due to their strong reputation and leadership, Power Plaza has selected the UQM system for our high-performance 1-ton truck. UQM is the correct partner for us, and with their many years of experience, their support and expertise will help make this program a success,” said Sung Ho Kim, CEO of Power Plaza.

    UQM will co-exhibit with Power Plaza at the Global EVS28 Electric Vehicle Show in Seoul in May, 2015.

    About Power Plaza

    Power Plaza was established in 1993 and has been a leader in the industrial power supply business in Korea. In 2007, Power Plaza entered the electric vehicle market to leverage its extensive power electronics experience, and began powertrain solution research and multiple EV projects. Now entering full-scale production of a variety of electric vehicles, Power Plaza is working closely with the South Korean government in the 1-ton EV marketplace. For more information please visit www.powerplaza.com.

    About UQM

    With over 35 years in the vehicle electrification business, 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, 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, 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.


    StreetSmart Investor Relations
    Annie Leschin, 415-775-1788
    UQM Technologies, Inc.
    David I. Rosenthal, 303-682-4900

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