LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies Inc. (NYSE MKT: UQM) today announced it has received its first fuel cell compressor module purchase order from Ballard Power Systems (NASDAQ MKT: BLDP), a global leader in PEM (proton exchange membrane) fuel cell technology. These compressor modules are an integral component of hydrogen powered fuel cell vehicles.
The UQM R410 fuel cell compressor system is designed for medium duty automotive and commercial bus applications for up to 150kW fuel cell stacks. The purchase order calls for shipments of product to Ballard over the next four months and will generate revenue in excess of $600K. UQM also expects follow on orders from Ballard.
“We are excited to be working directly with Ballard on their fuel cell bus programs,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “Our expansion directly into the fuel cell compressor business is already paying off for UQM and we believe that the advantages our system offers will allow further growth with Ballard and additional customers.”
Paul Cass, Ballard’s Chief Operations Officer added, “We were very pleased to have UQM as our new supplier of these key components for our fuel cell bus programs. UQM is well known in the industry for their high quality and technologically advanced electric motors and controllers and we look forward to working with the UQM team on a variety of fuel cell products.”
About UQM
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers 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 Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.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.
