Lightning Systems, UQM Technologies collaborate on EV production

LONGMONT — Loveland-based Lightning Systems will use supply powertrain components manufactured by Longmont-based UQM Technologies Inc. in its offerings of electric vehicles.

Financial terms of the deal were not disclosed.

UQM Technologies (NYSE: UQM) will supply components to Lightning Systems to support its vehicles as part of the Advanced Fuel Qualified Vehicle Modifier program by Ford Motor Co.

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UQM will supply components consisting of a gearbox, an electric motor and the inverter as well as software controls for electric performance and efficiency. The deal also will provide UQM development funding.

“We are pleased to have UQM as one of our key partners supporting our EV products and strategy,” said Tim Reeser, president and chief executive of Lightning Systems. “This relationship will allow us to provide leading-edge technology that will exceed our customers’ expectations for high-quality and cost-effective zero-emissions vehicles.”

Joe Mitchell, president and CEO of UQM, said the synergies that exist between the two companies are ideal for the electric-vehicle market.