UQM Technologies, Inc.
(NYSE Amex: UQM)
announced today that Dr. Arun Majumdar, Acting Under Secretary and Director of the Advanced Research Projects Agency-Energy (ARPA-E) for the U.S. Department of Energy (DOE) will tour the company’s Longmont, Colorado, product development and manufacturing facility on Friday, January 13, 2012.
Cooperative programs with the DOE currently include a $45.1 million grant under the American Recovery and Reinvestment Act (ARRA) that the company has utilized in the commercialization of its PowerPhase Pro® electric propulsion systems, including cost-sharing with the DOE on product development and testing of the automotive qualified system and related infrastructure investments including the Company’s 130,000-square-foot product development and manufacturing facility and its automotive qualified production lines with a capacity of 40,000 units on two shifts. The Company also recently kicked-off a $4 million cost-shared program with the DOE to develop alternative magnet materials that have the potential to replace rare earth magnets in high performance electric propulsion systems.
“As the current director of our ARPA-E program, I strongly believe that innovation is instrumental to U.S. competitiveness, creating jobs and putting our economy back on track. We want to invent new technologies, made by American companies to create the highly efficient vehicles that global consumers demand,” said Dr. Majumdar. “I am excited to see firsthand the electric motors, generators and power electronic controllers that UQM is manufacturing in Longmont, Colorado.”
“We are pleased to have Dr. Majumdar visit our facility to see first-hand the results of our successful collaboration,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “The support of the DOE through the Small Business Innovation Research Program to commercialization funding under the American Recovery and Reinvestment Act has helped UQM build upon our tremendous background and experience in the electrification market helping accelerate the viability of electric and hybrid electric vehicles.”