UQM Technologies Announces Closing of Merger with Danfoss
01 August 2019 - 12:14AM
Business Wire
UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the
“Company”), a developer of alternative energy technologies,
today announced that the merger with a wholly owned subsidiary of
Danfoss Power Solutions (US) Company (“Danfoss”), previously
announced, has been completed. Payments to shareholders – at $1.71
per share – will begin immediately, subject to normal brokerage
processing requirements.
“The next chapter for UQM is about to begin, but we couldn’t
have made it here without the steadfast, longstanding support of
our customers, employees, and shareholders,” said Joseph Mitchell,
UQM Technologies’ President and Chief Executive Officer. “We look
forward to working with Danfoss to transform the electric vehicle
market of tomorrow and play a pivotal role in improving the
environment for decades to come.”
Kim Fausing, President and CEO of Danfoss, stated, “Prior to
this agreement, we already had a very broad portfolio of solutions
that play a vital role in combating climate change and air
pollution. With this acquisition – our third in electrification –
we have added a well-established North American presence which
nicely complements our global footprint. We have solidified our
leading position in the marine, off-highway, and on-highway
markets, enabling us to stay a relevant technology partner and
serve our customers wherever they are.”
“Danfoss EDITRON, the world’s most sophisticated electric
drivetrain system, is in serial production and being used by
customers across the globe in the marine, off-highway and
on-highway sectors. With the acquisition of UQM, we increase our
manufacturing capabilities, which will supplement and enhance
Danfoss’ existing market-leading position in electrifying
traditional heavy-duty industries and applications. I’m very happy
to welcome the UQM team to Danfoss and to our business,” added Eric
Alstr�m, President, Danfoss Power Solutions.
About UQM
UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck,
bus, automotive, marine and industrial markets. A major emphasis
for UQM is developing propulsion systems for electric, hybrid
electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM is IATF 16949 and ISO 14001 certified and located in Longmont,
Colorado. For more information, please visit www.uqm.com.
This Release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act.
These statements appear in a number of places in this Release and
include statements regarding our plans, beliefs or current
expectations; including those plans, beliefs and expectations of
our management with respect to, among other things, gaining
required certifications, new product developments, future orders to
be received from our customers, sales of products from inventory,
future financial results, liquidity, and the continued growth of
the electric-powered vehicle industry. Important Risk Factors that
could cause actual results to differ from those contained in the
forward-looking statements are contained in our Form 10-K and Form
10-Q’s, which are available through our website at www.uqm.com or
at www.sec.gov.
Source: UQM Technologies, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190731006080/en/
Company Contacts: Chris Witty UQM Investor Relations
646-438-9385 cwitty@darrowir.com or David Rosenthal UQM
Technologies, Inc. 303-682-4900 investor@uqm.com
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