UQM Technologies and Proterra Complete New Three-Year Electric Propulsion System Supply Agreement
UQM is the exclusive supplier of electric propulsion systems to Proterra
Proterra to purchase newly introduced UQM PowerPhase HD® 220 propulsion system
New agreement expands the volume of systems that UQM will provide Proterra for its EcoRide™ BE35 battery-electric buses
Initial orders for 20 systems have already been placed under the agreement
LONGMONT, Colo.--(BUSINESS WIRE)-- 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."
Shipments to Proterra under the agreement are currently underway.
"UQM has consistently delivered high-quality systems to power our EcoRide™ BE35 battery-electric buses throughout our development and initial fleet deployments," said David Bennett, Chief Executive Officer of Proterra. "It was a natural decision to grow our business with UQM as we expand the production of our zero-emission commercial transit solutions."
The Proterra zero-emission all-electric EcoRide BE35 holds 63 passengers (33 seated) and features a lightweight composite body. The UQM PowerPhase HD 220 electric propulsion system powering the bus produces peak torque of 700 N-m and peak power of 220 kW allowing the bus to deliver exceptional energy-efficient performance.
The UQM PowerPhase HD 220 electric propulsion system was designed specifically for commercial vehicle use, offering commercial truck and bus manufacturers an efficient path to adopting electric propulsion technology in their heavy-duty vehicles.
Proterra buses have been, or soon will, be in operation in the following cities: Pomona, CA; San Antonio, TX; Tallahassee, FL; Seneca, SC; Reno, NV; Worcester, MA and Stockton, CA.
With manufacturing in Greenville, S.C., Proterra is a leader in the clean technology and clean energy space, designing and manufacturing heavy-duty electric drive systems, energy storage systems, vehicle control systems, transit buses and fast-charging stations. Proterra's systems are scalable to commercial buses of all sizes. Its ground-up designs have led to the EcoRide™, the world's first full-size, 10-minute charge battery-electric transit bus. Proterra has achieved a number of milestones in the past 18 months, growing from two to seven major transit agency customers with a large and growing pipeline. In 2012, Proterra's EcoRide™ became the first heavy-duty electric transit bus ever to complete challenging federally required durability and reliability testing at the Bus Research and Testing Center in Altoona, Pennsylvania, demonstrating best in class energy efficiency and noise levels. For more information on Proterra and its technology, please visit www.proterra.com.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus, marine and military 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 located in Longmont, Colorado. Please visit www.uqm.com for more information.
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 officers and directors with respect to, among other things, future orders to be received, future financial results 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-Q filed January 31, 2013, which is available through our website atwww.uqm.comor atwww.sec.gov.
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