Thursday January 18, 2018 0 comments
LONGMONT -- UQM Technologies Inc. (NYSE AMERICAN: UQM) today announced its first significant purchase order from KESHI, a major Chinese manufacturer of commercial mining vehicles.
The purchase order is for explosion-proof E-drive systems and is valued at $1.2 million. Shipments are expected to occur during 2018, the company said.
While UQM signed a cooperation agreement with KESHI in 2015, KESHI’s production launch was delayed due to market conditions, but now has made a major commitment to this new energy market application.
KESHI plans to move forward with their strategy to do final assembly and test in China under UQM’s current cooperation agreement for explosion-proof electric propulsion systems in China.
“The development work between our teams has been significant, and we are very pleased that KESHI now seems poised to support and grow the commercial electric mining vehicle market in China,” said Joe Mitchell, UQM president and CEO.
“We see the receipt of this purchase order as the beginning of a long-term growth opportunity with KESHI.”