UQM Technologies Extends Its Long-Term Supply Agreement with Proterra
26 July 2016 - 10:30PM
Business Wire
- UQM solidifies position as the primary
supplier for Proterra’s industry-leading zero emission buses.
- The award-winning UQM/Proterra
drivetrain boasts the most EV deployments in the US transit
market.
- Proterra® zero emission buses have
reached two million miles of revenue service, with customers in
various states that include California, Washington, Texas,
Tennessee, Minnesota, South Carolina, Florida, Massachusetts
Kentucky, and Nevada with growing demand nationally.
UQM Technologies Inc. (NYSE MKT: UQM) today announced
that it has signed an extension to its long-term supply agreement
with Proterra® to support Proterra’s growth demands. UQM is the
primary supplier of electric propulsion systems to Proterra. The
extension reflects the increased demand in the US marketplace for
the Proterra buses and the expected increased production volume of
the UQM PowerPhase HD® systems. Exemplified by the growing number
of US transit agencies signing up to deploy Proterra’s
zero-emission buses, the Proterra/UQM solution is being seen as a
credible and proven clean technology that is both economically and
environmentally sound.
“We are extremely excited about the signing of this long-term
agreement extension with Proterra. It speaks to the relationship
and trust that we have developed between our companies,” said Joe
Mitchell, President and CEO of UQM Technologies Inc. “We see
Proterra as the leader in the EV US transit market and look forward
to our strategic growth as partners in this market space. The
experience we have mutually gained with Proterra through their
support, success and growth has translated into a product that is
second to none in this market. We look forward to our continued
growth and expanding our drivetrain technology offerings globally
to support this exciting market segment.”
Ryan Popple, CEO of Proterra said, “UQM has consistently
performed to our expectations, and helped us raise the bar for the
market as a whole. The extension of our long-term supply agreement
with UQM reflects our mutual success in this partnership, and
speaks to the ability of both teams to address the technology curve
as well as provide solutions that are attractive to our EV customer
base. The Proterra bus powered by UQM is the best transit
technology on the road today, and this extended supply agreement
signals our long term confidence in UQM.”
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 TS 16949 and ISO 14001 certified and located in
Longmont, Colorado. For more information, please visit
www.uqm.com.
About Proterra
Proterra is a leader in the design and manufacture of
zero-emission vehicles that enable bus fleet operators to
significantly reduce operating costs while delivering clean, quiet
transportation to the community. Proterra has sold more than 252
vehicles to 28 different transit agencies throughout North America.
Proterra’s configurable EV platform, battery and charging options
make its buses well-suited for a wide range of transit and campus
routes. With unmatched durability and energy efficiency based on
rigorous U.S. certification testing, Proterra products are proudly
designed, engineered and manufactured in America, with offices in
Silicon Valley and South Carolina. For more information visit:
http://www.proterra.com/ and follow us on Twitter
@Proterra_Inc.
Media contact: pr@proterra.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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EnergyTech Investor LLCShawn Severson,
415-233-7094orUQM Technologies, Inc.David
Rosenthal, 303-682-4900
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