UQM TECHNOLOGIES, INC. (Amex: UQM), a developer of alternative energy technologies, has launched volume production of vehicle auxiliary motors under a production order announced in November 2005 and has received a follow-on order for an additional 10,000 units.
Product shipments for the first fiscal quarter ending June 30, 2006 are expected to total approximately $300,000 and rise to approximately $500,000 for the second fiscal quarter. Production volumes for the third fiscal quarter and beyond are expected to continue to rise, achieving an annual revenue value of several million dollars. “The production of these vehicle auxiliary motors will result in a significant increase in our product sales revenue, improved gross profit margins on product sales and decreasing operating losses for this fiscal year. We expect to receive additional orders for other products from this customer as well as orders from new customers in other conventional product markets currently being pursued, that can further accelerate the growth of our product revenue,” said William G. Rankin, UQM Technologies, Inc. President and Chief Executive Officer.
UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric and fuel cell electric vehicles, 42-volt under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications.
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