UQM Technologies, Inc. (NYSE American: UQM) announced today that Meritor, located in Troy, Michigan, has chosen UQM to be its supplier of choice for development and production plans for the 14Xe axle program. This opportunity is a culmination of more than one year of engineering development efforts that will support Meritor’s current customer base, along with identifying new customers and applications around the globe for the 14Xe electric axle product line. UQM and Meritor are supporting prototype deliveries for testing, as well as initial pilot electric axles.
The development program between the two companies was initially announced in February 2017. Meritor unveiled its electric axle at the 2017 NACV Show in Atlanta, and has begun trials with key customers. The benefits of the 14Xe axle application will allow customers in the medium and heavy-duty EV commercial markets to improve on component packaging requirements, realize cost savings from integration and increase vehicle performance.
“It has been a long and rewarding process to unveil this electric axle, and we are looking forward to the on-going development of this long-term relationship in support of Meritor’s 14Xe axle strategy. This announcement falls in line with UQM’s overarching strategy of focusing on design and development and serving the market with a proven Tier 1 OEM,” said Joe Mitchell, President and CEO of UQM.
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 TS 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,200 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.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.comor at www.sec.gov.
Source: UQM Technologies, Inc.
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Contacts:
Shawn Severson, 415-226-7747
or
UQM
Technologies, Inc.
David Rosenthal, 303-682-4900
