Banking & Finance  September 26, 2017

UQM completes first stage of deal with China National

LONGMONT — UQM Technologies Inc. in Longmont, a designer and manufacturer of electric motors for vehicles, said Monday it has closed the first stage of its stock-purchase agreement with China National Heavy Duty Truck Group Co., Ltd., its second attempt to find a partner in China.

China National Heavy Duty Truck Group through its subsidiary Sinotruk Ltd. purchased a 9.9 percent ownership in UQM for approximately $5.1 million by acquiring 5,347,300 newly issued common shares of UQM. The purchase price was 95 cents per share, a 15 percent premium over the 30-day closing price average for the period ending on the last trading day before the signing of the agreement Aug. 25.

Closing of the second stage of the deal will require approval by UQM’s shareholders and clearance by the Committee on Foreign Investment in the United States. The second stage will increase China National’s ownership in UQM to 34 percent for approximately $23.2 million, for a total of $28.3 million over the two stages.

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WomenGive, a program of United Way of Larimer County, was started in Larimer County in 2006 as an opportunity for women in our community to come together to help other women.

Ma Chunji, chairman of China National, has been appointed to UQM’s board of directors as a nonvoting observer.

After the closing of the second stage,  UQM and China National intend to form a joint venture to manufacture and sell electric-propulsion systems in China. The parties expect Sinotruk to be a significant purchaser of electric-propulsion systems.

In addition to electric motors, UQM manufactures generators, power electronic controllers and fuel-cell compressors for the commercial truck, bus, automotive, marine and industrial markets.

 

LONGMONT — UQM Technologies Inc. in Longmont, a designer and manufacturer of electric motors for vehicles, said Monday it has closed the first stage of its stock-purchase agreement with China National Heavy Duty Truck Group Co., Ltd., its second attempt to find a partner in China.

China National Heavy Duty Truck Group through its subsidiary Sinotruk Ltd. purchased a 9.9 percent ownership in UQM for approximately $5.1 million by acquiring 5,347,300 newly issued common shares of UQM. The purchase price was 95 cents per share, a 15 percent premium over the 30-day…

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