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UQM Technologies Signs Three-Year Supply Agreement to Provide Boulder Electric Vehicle with Electric Propulsion Systems


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LONGMONT, CO--July 17, 2013: UQM Technologies, Inc. (NYSE MKT:UQM) electric motors and controllers will power Boulder Electric Vehicle's all-electric commercial vehicles, including delivery vans for UPS and the Department of Defense SPIDERS program. UQM and Boulder Electric Vehicle have signed a new three-year supply agreement, making UQM the exclusive supplier of electric propulsion systems to the growing commercial vehicle manufacturer.

“This new supply agreement with Boulder Electric Vehicle expands our business with the company, providing them with the efficiency and quality advantages in an all-electric powertrain that their customers are looking for.”

"We developed our PowerPhase HD 220 electric vehicle system with the torque and power that commercial vehicles need," said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. "This new supply agreement with Boulder Electric Vehicle expands our business with the company, providing them with the efficiency and quality advantages in an all-electric powertrain that their customers are looking for."

The UQM PowerPhase HD 220 will be the core of the Boulder Electric Vehicle powertrain in its DV-500 commercial vehicle platform. This platform will support three all-electric models: delivery vans, flatbed trucks and service body trucks. Delivering 700 Nm of peak torque, 220kW of peak power and 120kW on a continuous basis, the PowerPhase HD 220 offers commercial trucks and buses an efficient path to the adoption of electric propulsion technology. UQM began shipping PowerPhase HD 220 systems under the agreement to Boulder Electric Vehicle in the past two months.

"In addition to the power level we wanted for our DV-500 all-electric platform, the UQM systems also provide outstanding efficiency, which will help us meet our driving range goals," said Carter Brown, Chief Executive Officer of Boulder Electric Vehicle. "We have been very happy with the performance and efficiency of UQM systems previously incorporated into our vehicles, and we are looking forward to using the PowerPhase HD 220 system which was designed to meet the unique needs of commercial vehicles."

The PowerPhase HD 220 was introduced in 2012, further expanding the systems that UQM offers for electric, hybrid and extended-range vehicles. UQM engineers and manufactures complete all-electric and hybrid-electric propulsion systems for applications ranging from small passenger cars to transit buses.

Boulder Electric Vehicle is a green tech manufacturing company that makes purpose-built, all-electric delivery trucks, work utility vehicles and cargo vans. These are designed from the ground up to meet the lightweight aerodynamic and safety needs of all-electric vehicles. Boulder Electric Vehicle has manufacturing facilities in Lafayette, Colorado and Los Angeles, California.

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus, marine and military 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 located in Longmont, Colorado.