UQM Reports First Quarter Electric and HEV Propulsion System Orders Of $2.62 Million

July 09, 2008 by Jeff Shepard

UQM Technologies, Inc. announced that it received vehicle propulsion system orders during the fiscal first quarter of $2.62 million. The orders are for propulsion motors, generators and power electronic controllers to drive both electric and hybrid electric over-the-road vehicles. Deliveries under the orders began during the fiscal first quarter ended June 30, 2008 and will continue through December 2008. These orders are more than double the comparable orders received during the first quarter last fiscal year and exceed the sales value of like hardware for all of last fiscal year.

"We continue to see growing interest in our technology and products in a variety of applications and markets driven by high fuel prices and the resulting demand by consumers for fuel-efficient vehicles," said William G. Rankin, UQM Technologies’ President and Chief Executive Officer. "The increase in orders for this portion of our business during the first quarter exceeded our expectations and is expected to continue. These orders consist of increased system purchases by existing customers as well as from a growing number of new customers selecting our products for their electric and hybrid electric vehicle programs."

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications.