UQM TECHNOLOGIES, INC. (Amex: UQM), a developer of alternative energy technologies, announced today that it has received a production order for 10,000 vehicle auxiliary motors with initial deliveries beginning in February, 2006.
Following delivery of the initial production units, subsequent orders are expected to increase production volumes to an annual revenue value of several million dollars per year. The product will be manufactured by the Company’s wholly-owned subsidiary, UQM Power Products, Inc.
“Our production engineering group has done an exceptional job of designing a low cost motor product for this demanding application. In addition to our expectation that production of this product will rise as we become this customer’s primary supplier, we also believe that production can expand to include additional motors currently purchased by the customer for a variety of other product applications. We expect this order, together with other potential production orders being pursued in both existing and emerging markets, to drive an expansion of our revenue beginning in the fourth quarter of this fiscal year,” said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc.
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