UQM lands $1.8 million contract with Chinese company

LONGMONT — UQM Technologies Inc. (NYSE: UQM), a developer of alternative energy technologies, has won an order from a major fuel cell system supplier in China.

UQM will produce its Fuel Cell Compressor System, a combined electric motor, inverter and compressor module. The FCS was selected as a high-performance, cost-effective solution after the new customer purchased units earlier this year for a demo.

The new contract will have deliveries in 2019 and the initial order is valued at $1.8 million. Additional details like the name of the customer and specific vehicle program were not disclosed.

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“We believe our fuel cell compressor system is the premier solution — from both a performance and cost perspective — in the market today,” Joe Mitchell, UQM Technologies’ president and CEO, said in a prepared statement. “At present, more than 50 percent of the operating fuel cell vehicles in China are estimated to be equipped with this company’s fuel cell engines, so we are very pleased that they have the confidence in UQM for this major contract — having worked closely with us earlier in the year. We look forward to partnering with them on additional orders going forward to support their growth and address the demand in this expanding market.”