UQM TECHNOLOGIES, Inc. (NYSE MKT: UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced operating results for the quarter and fiscal year ended March 31, 2013.
Revenue for the fiscal fourth quarter of 2013 decreased to $1.7 million compared to $3.8 million in the fourth quarter of 2012, reflecting the lack of shipments to CODA. Excluding CODA revenue, adjusted total revenue for the fourth quarter was $1.6 million compared to $1.8 million for the comparable quarter last fiscal year. Net loss for the fourth quarter was $2.3 million or $0.06 per common share versus a net loss of $1.5 million, or $0.04 per common share for the fourth quarter of fiscal 2012. Fourth quarter results this year included a charge of $1.1 million or $0.03 per common share for estimated CODA-related contract settlement costs. Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) is introducing a new system in its growing line of production-ready, automotive-validated electric propulsion systems for vehicles. The new UQM PowerPhase HD® 950T provides 950 Nm of torque and is designed for heavier commercial trucks and buses that require higher torque. This is an additional offering to the PowerPhase HD 220 that we announced last year, giving customers choices of various levels of torque and horsepower to meet their requirements.
“Adding the PowerPhase HD 950T to our existing product line further expands our range of systems for commercial vehicles, from small delivery vehicles through city buses,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “We have grown commercial vehicle systems as a significant part of our business, in addition to passenger vehicles, to meet the needs of our increasingly diversified customer base.” Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) announced today that it has appointed David I. Rosenthal as Treasurer and Chief Financial Officer. Mr. Rosenthal has extensive finance and accounting experience in senior leadership roles across a variety of industries during his 30+ year career.
“We are excited to have such an experienced Chief Financial Officer join our leadership team,” said Eric R. Ridenour, UQM President and Chief Executive Officer. “His extensive background as a CFO for both publicly-traded and private-equity backed companies brings a wealth of financial expertise that should prove invaluable to UQM as we strive to take the company to the next level.” Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) and Proterra, Inc. have reached a long-term supply agreement that expands their business together and continues the role of UQM as the exclusive supplier of electric propulsion systems to the maker of battery-electric buses. Under the new agreement, Proterra will purchase the recently released UQM PowerPhase HD® 220 electric propulsion system.
“We have had a great business relationship with Proterra since the company was founded, supplying over $1 million of electric propulsion systems to them for their battery-electric buses,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “This new three-year agreement will build on that relationship, grow our volume with Proterra and provide an important customer for our newly introduced PowerPhase HD 220 product.” Continue reading →
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2012. Total revenue was $1.9 million, a decrease of 29% from $2.7 million for the same quarter last year. Net loss for the third quarter was $4.6 million, or $0.12 per common share, including a charge of $3.8 million or $0.10 per common share to establish an allowance for doubtful accounts for CODA receivables. This compares to a net loss of $0.8 million or $0.03 per common share for the same period last year. Net loss for the quarter, excluding the charge related to CODA, improved by 15 percent primarily due to lower production engineering expenditures, increased reimbursements under our DOE Grant and increased product shipments to customers other than CODA.
“Despite the lack of shipments to CODA this quarter and the need to take a charge to earnings, we demonstrated our ability to diversify our customer base by delivering a more than a 50% increase in revenues to customers outside of CODA.” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “During the quarter we continued to aggressively pursue discussions with potential customers globally, including in China, and took several steps to proactively lower our expenses and improve operating efficiencies to ensure that we have the financial and technical resources to pursue and execute the many opportunities that lay ahead with our various customers.” Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) electric motors and controllers are at the heart of the new ReGen Nautic E180 all-electric outboard motor introduced this week at the Dusseldorf Boat Show. This is in addition to series-hybrid electric systems that ReGen Nautic has developed for yachts, trawlers, and sailboats over 50 feet using UQM® components.
“Working with ReGen Nautic, we continue to expand the marine applications for our electric propulsion products,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “Our systems are ideally suited for marine applications which require exceptional performance, whether used in all-electric or series-hybrid propulsion systems.” Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) announced today that it has made a significant breakthrough in the development of non-rare-earth magnet electric motor design as part of the work being done under the Department of Energy (DOE) Advanced Research and Development Grant.
“Leveraging our expertise in electric motor design, we’ve developed an electromagnetic design that produces competitive power-density and efficiency with non-rare-earth magnets,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “This is great progress toward our objective of identifying magnet materials and technology that can deliver the performance our customers expect while limiting our exposure to price and supply concerns associated with rare earth magnets.” Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM) announces that its PowerPhase® electric propulsion system powered the Ecotricity Nemesis all-electric vehicle to a new UK land speed record of 151 m.p.h.
“The Nemesis’ land speed record is further indication that UQM PowerPhase systems produce exceptional power, torque and speed,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “Electric vehicles powered by UQM products continue to push the boundaries of expectations and performance.” Continue reading →
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, will hold a conference call with members of the investment community on Thursday, October 25, 2012, at 4:30 p.m. Eastern Time. To participate in the call dial 1-888-561-1799 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “4570874” to access the call. International callers should dial 1-480-629-9678.
Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer and Donald A. French, Treasurer and Chief Financial Officer, will be reviewing the Company’s operating results for the quarter and six months ended September 30, 2012. Continue reading →
UQM Technologies, Inc. (NYSE MKT: UQM), has signed a memorandum of understanding with a major Chinese company for the development and marketing of UQM electric propulsion systems for New Energy Vehicles in China. This agreement expands the global reach of UQM to four continents, and represents the initial step in our strategy to penetrate the Chinese market with our leading electric propulsion products. With a global reputation for performance and quality, UQM provides its customers with both custom electric propulsion solutions and automotive-qualified volume production capabilities.
Under the agreement, UQM and its China-based partner will work collaboratively to introduce UQM products into the Chinese market for use in New Energy Vehicles. The China State Council published its New Energy Vehicles plan in July, 2012, setting a goal of 500,000 energy-efficient and clean vehicles on the road in China by 2015, and five million vehicles by 2020. Continue reading →