UQM Technologies, Inc. (NYSE Amex: UQM) has received a two year extension to the term of its U.S. Department of Energy Grant under the American Recovery and Reinvestment Act to accelerate the deployment of the next generation of electric vehicles. The period of performance for the program has been extended from 3 years to 5 years, extending the scheduled completion date to January 12, 2015. Through March 31, 2012, the Company has qualified for funding under the Grant of $16.9 million.
“This Grant has been instrumental in assisting us to introduce an automotive qualified electric propulsion system for the CODA all-electric vehicle, which recently went on sale in the State of California, and for our other customers who are planning for potential future clean vehicle introductions,” said Eric Ridenour, UQM Technologies President and Chief Executive Officer. “The extension of this Grant for an additional two year term broadens our opportunity to commercialize our electric propulsion systems in the automotive, medium-duty truck and bus markets, install additional manufacturing capacity and continue work on our next generation of automotive qualified propulsion systems which we expect to be more efficient, smaller, lighter-weight, power dense and at a lower cost.” Continue reading →
UQM Technologies, Inc. (NYSE Amex: UQM) is providing electric powertrain systems to Electric Vehicles International (EVI) to power its delivery vans and trucks that will be built as part of the company’s initiative to help implement Governor Edmund G. Brown Jr.’s Executive Order to deploy zero-emission vehicles throughout California.
The UQM PowerPhase® HD Select 200 systems were chosen by EVI to power its all-electric deliver trucks. These systems are part of an EVI initiative to deploy 500 fully electric return-to-base delivery trucks in California. EVI estimates that over the next two years, this initiative will eliminate up to 12 million miles of toxic diesel emissions per year throughout California and will support the creation of many jobs in the state’s Central Valley. Continue reading →