After receiving final approval, Danfoss has announced the closing of the deal to acquire all outstanding common shares of UQM Technologies, Inc., a developer of alternative energy technologies.
UQM is a leading expert and the technology leader in motors and inverters in the power range of up to 250 kW. With the acquisition Danfoss adds an important and complementary technology to our current product range, with inverter and motor solutions up to 6 MW of power. The acquisition will give us the total package of electric solutions for serving our global markets and, thereby, fully support our customers’ needs – regardless of the chosen applications. This will enable further growth in the markets we serve and additional growth in the on-highway market for buses and trucks. With UQM, Danfoss Editron, Danfoss Drives and Danfoss Silicon Power, Danfoss now has a strong line-up of electrification solutions for the marine, off- and on-highway, and oil and gas markets.
“Already today we have a very broad portfolio of solutions, which plays a vital role in combating climate change and air pollution. With this acquisition, our third within electrification, we have added a well-established North American presence within electrification, which nicely complements our global footprint. With the strong North American presence, we cement our leading position in the marine and off-highway, and now also in the on-highway markets and it enables us to stay a relevant technology partner and serve our customers where they are,” says Kim Fausing, President & CEO, Danfoss.
UQM is headquartered in Longmont, Colorado, U.S., and will become part of the Danfoss Power Solutions segment.
“Danfoss EDITRON, the world’s most sophisticated electric drivetrain system, is already in serial production and being used by customers around the world 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,” says Eric Alström, President, Danfoss Power Solutions.
“The next chapter for UQM is about to begin, but we couldn’t have made it here without the loyal longstanding support of our customers, employees and shareholders. We are looking forward to transforming the electric vehicle market and play a pivotal role in improving the environment for decades to come,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer.
For more information:Danfoss Media Relations, Tel: + 45 70 20 44 88
UQM Press Contacts:Chris Witty, UQM Investor Relations, Tel: +1 646-438-9385, cwitty@darrowir.com orDavid Rosenthal, UQM Technologies, Inc., Tel: +1 303-682-4900, investor@uqm.com
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.
Danfoss engineers advanced technologies that enable us to build a better, smarter and more efficient tomorrow. In the world’s growing cities, we ensure the supply of fresh food and optimal comfort in our homes and offices, while meeting the need for energy-efficient infrastructure, connected systems and integrated renewable energy. Our solutions are used in areas such as refrigeration, air conditioning, heating, motor control and mobile machinery. Our innovative engineering dates back to 1933 and today Danfoss holds market-leading positions, employing 28,000 and serving customers in more than 100 countries. We are privately held by the founding family. Read more about us at www.danfoss.com.
Danfoss EDITRON is the complete electric drivetrain system developed by Danfoss. It is controlled by powerful software that optimizes each individual component of the electric or hybrid drivetrain, leading to far more intelligent management of power distribution in order to deliver maximum efficiencies for the end user. Read more at www.danfoss.com/editron.
Danfoss engineers advanced technologies that enable us to build a better, smarter and more efficient tomorrow. In the world’s growing cities, we ensure the supply of fresh food and optimal comfort in our homes and offices, while meeting the need for energy-efficient infrastructure, connected systems and integrated renewable energy.
Our solutions are used in areas such as refrigeration, air conditioning, heating, motor control and mobile machinery.
Our innovative engineering dates back to 1933 and today Danfoss holds market-leading positions, employing 28,000 and serving customers in more than 100 countries. We are privately held by the founding family.
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