Colorado-based UQM Technologies, a manufacturer of electric motors, generators and power electronic controllers, has closed on a $5.3-million offering of stock and warrants to institutional investors. The company plans to use the new funds for potential joint ventures, capacity expansion in new regions, and working capital for new business opportunities that are currently being pursued.
UQM has supplied systems for the Audi A1 e-tron PHEV, Hino electric city buses, Proterra electric buses, Boulder EV delivery vans, Electric Vehicles International medium-duty trucks and Zenith Motors shuttle vans. Perhaps the company’s most famous customer is Neil Young, who used the UQM PowerPhase motor and controller system in his second-generation LincVolt, a 1959 Lincoln Continental that Young’s team converted into a series hybrid vehicle.
“The progress we are making across a number of prospects may require funding beyond our current operating needs,” said President and CEO Eric Ridenour. “Given the solid market conditions, we chose to go to the market now. We see this capital raise as an important strategic move to give us the financial flexibility to pursue these opportunities from the strongest position possible.”