UQM Technologies withdraws foreign investment application

LONGMONT — UQM Technologies Inc. (NYSE: UQM), a maker of high-efficiency motors and equipment for commercial trucks and heavy-duty vehicles, announced that it and its partner China National Duty Heavy Truck Group Co. Ltd. (CHNTC) are together withdrawing their application to the Committee on Foreign Investment in the United States (CFIUS).

The application was for the approval of second stage investment for the stock purchase agreement signed by both companies in August last year. CFIUS has requested the application be withdrawn for more review and consultation, after which both companies plan to resubmit.

Joe Mitchell, president and CEO of UQM, said the company plans to continue working with CHNTC and that their mutual goals have not changed.

“We have formed a very strong relationship with the CNHTC team, and with the first stage investment that is not in question, CNHTC remains UQM’s largest shareholder and our main partner in China,” Mitchell said in a prepared statement. “Furthermore, we are optimistic that together we can resubmit our application for approval. We are also exploring other alternatives to solidify our relationship with CNHTC.”

MItchell added that CNHTC’s subsidiary, Sinotruck, recently placed follow-on orders with UQM for propulsion systems.

He also added that the company continues to see growth in the commercial electric vehicle space, a field that is a major focus for the company.

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