UQM Technologies and Electric Vehicles International Sign Long-Term Supply Agreement
This supply agreement extends the successful business relationship between UQM and EVI
UQM will begin shipping PowerPhase HD® systems to EVI under this new agreement in the third quarter of 2013
LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT: UQM) and Electric Vehicles International (EVI) have signed a new long-term supply agreement, extending the vehicle electrification work that the companies have done together. As part of the agreement, EVI will use UQM PowerPhase HD® systems to power their all-electric walk-in vans and medium-duty commercial trucks. The PowerPhase HD systems were developed for the demanding needs of heavier commercial vehicles.
"We worked with EVI and other vehicle manufacturers when engineering the PowerPhase HD product line to ensure that our systems met or exceeded their requirements for this market," said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. "The PowerPhase HD systems offer commercial vehicle manufacturers a range of solutions for building battery electric and parallel hybrid vehicles."
The UQM PowerPhase HD electric motors and controllers will be used to power EVI medium-duty trucks and all-electric walk-in vans that are built to meet a variety of needs, including parcel delivery, food and beverage, construction, landscaping and more. The EVI commercial vehicles have a GVW range from class 4 to class 5, and offer a scalable system that can achieve up to 90 miles per charge relying on UQM PowerPhase electric propulsion systems.
"The UQM HD systems provide a solid electric powertrain for our medium-duty trucks and walk-in vans," said Ricky Hanna, Chief Executive Officer of EVI. "We're proud to continue purchasing systems from this U.S.-based vehicle electrification company and provide commercial fleet operators with efficient and dependable vehicles."
Under the new long-term supply agreement, UQM will begin shipping PowerPhase HD systems to EVI in the third quarter of 2013.
EVI is a pioneer in alternative energy vehicle development, manufacturing and deployment, with over 20 years of success optimizing alternative energy powertrains. EVI vehicles are manufactured with the most efficient powertrains and the safest, longest-lasting batteries, seamlessly integrated into tough American-built chassis relied upon by fleet operators throughout the nation and the world. For more information, please visit www.evi-usa.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-K filed May 23, 2013, which is available through our website atwww.uqm.comor atwww.sec.gov.
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