UQM makes second attempt to find partner in China

LONGMONT — UQM Technologies Inc. on Monday announced that it has entered a stock-purchase agreement worth $28.3 million that would give a China-based vehicle manufacturer 43.9 percent ownership in the Longmont-based company.

UQM Technologies (NYSE: UQM) has agreed with Jinan-based China National Heavy Duty Truck Group Co., Ltd. through its subsidiary Sinotruk Ltd. based in Hong Kong, to create a joint-venture to manufacture and sell electric propulsion systems for commercial vehicles and other vehicles in China.

This is the second attempt UQM has made in the past year to find a partner in China. Last December,…