UQM Technologies Announces It is Establishing a Customer Service Center in Shanghai, China
July 31 2018 - 8:30AM
Business Wire
- UQM is establishing its China service
center to support growing business and customers in China, with the
near term focus on support of the fuel cell compressor system
business.
- The facility will allow UQM to provide
quick turnaround for service and spare parts and eventually
assemble fuel cell compressor systems on site.
- The growing fuel cell market in China
is driving the need for UQM’s first regional service center in that
country.
- The establishment of a physical UQM
presence in China is consistent with management’s long-held overall
growth strategy.
UQM Technologies, Inc. (NYSE American: UQM) announced
today that it has signed a lease agreement in Shanghai, China to
open a customer service center for both its fuel cell compressor
systems and propulsions systems. The facility will allow UQM to
provide quick turnaround for service and spare parts to UQM’s
customers, and eventually assemble the fuel cell compressor systems
in that region.
UQM has seen dramatic growth in its fuel cell compressor
systems, particularly in China where the fuel cell market is
expanding quickly. As the company has previously announced, China
is at the beginning of developing fuel cell vehicles and fueling
infrastructure, and by 2020 plans to have 10,000 fuel cell vehicles
on the road with the infrastructure to support the growth.
The UQM fuel cell compressor system includes the UQM power dense
permanent magnet motor and controller, and the EATON compressor
technology. This compressor system is becoming well known in the
market for its large efficiency window, high reliability, and low
total cost of ownership.
With the establishment of a physical location in Shanghai, UQM
will now begin the process of creating a
wholly-foreign-owned-entity (“WFOE”) in China. In alignment with
management’s overall long-term strategy, the WFOE will support
UQM’s other main undertakings in China, including the joint venture
with China National Heavy Duty Truck Co., Ltd., and sourcing and
purchasing key components.
UQM CEO Joseph Mitchell said, “We are very pleased to see the
expansion of our fuel cell compressor business, and the opening of
a service center in China is the next step in solidifying our
position as a leader in this market. With our proven technology,
and now our local presence established in China, we are continuing
to execute on our strategy for global growth.”
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors 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 IATF 16949 and ISO 14001 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, gaining
required certifications, 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.
Source: UQM Technologies, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20180731005253/en/
BPC Financial MarketingGeoff Quinn,
800-544-3092orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
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