UQM doubles orders in first quarter

FREDERICK – During its first quarter, UQM Technologies (AMEX: UQM) received more than twice as many orders for its vehicle propulsion systems than the same period last year.

The Frederick-based developer of electric engines and generators pulled in $2.62 million in orders for its propulsion motors, generators and power electronic controllers. The components are used to drive both electric and hybrid electric over-the-road vehicles. The company began delivery on the systems during its fiscal first quarter, which ended on June 30, and will continue the deliveries throughout the 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 Rankin, UQM Technologies’ president and CEO, in a prepared statement. “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.”

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The orders received during the first quarter actually exceed the sales value of sales for similar hardware for all of the previous year, according to the company. In morning trading, UQM’s stock was up almost 12 percent to $2.20.