UQM reports higher revenue during third quarter

LONGMONT — UQM Technologies Inc. (NYSE: UQM),  a developer of alternative-energy technologies, reported revenue of $2.8 million for the third quarter ended Sept. 30. That compares with revenue of $1 million in the third quarter last year, an increase of 169 percent.

Net loss for the third quarter totaled $543,000, or 1 cent per common share, compared with a net loss of $2.4 million, or 5 cents per common share for the same period last year.

“Steady sales of our propulsion systems along with sales of fuel cell compressor systems to our Chinese OEM customer drove our dramatic increase in revenue,” Joe Mitchell, UQM president and CEO, said in a prepared statement. “During the quarter, we also closed the first stage investment from China National Heavy Duty Truck Company and received $5.1 million in cash from the sale of 9.9% equity ownership of our common stock. We continue to make progress towards the closing of the second stage investment. Our strengthened balance sheet and the momentum we are seeing in the business should help us capitalize on our initiatives and further execute on our strategy to be a global leader in electric propulsion systems.”

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