UQM Technologies announces CFIUS approval of merger with Danfoss

Monday July 29, 2019 0 comments Tags: Longmont, UQM Technologies, Danfoss Power

LONGMONT -- UQM Technologies, Inc. (NYSE American: UQM), a developer of alternative energy technologies, announced the company has received notice from the Committee on Foreign Investment in the United States (“CFIUS”) stating that CFIUS has cleared the previously announced merger between the company and a wholly owned subsidiary of Danfoss Power Solutions.UQM_logoUSE_1

In accordance with the Merger Agreement, the companies have agreed the closing will take place on July 31.

The process for Iowa-based Danfoss to purchase the shares of common stock from the shareholders for $1.71 per share will begin immediately thereafter.

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine and industrial markets.

A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles.