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.”
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.
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.
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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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Source : businesswire.com