Exhibit 99.1

Picture 9

 

For Immediate Release

 

 

 

 

UQM Technologies Reports Fourth Quarter and Annual

Financial Results

Quarter Revenue More than Doubles Year-over-Year; Acquisition by Danfoss

Expected to Close in Second Quarter

 

 

LONGMONT, COLORADO, MARCH 27, 2019 – UQM Technologies, Inc. (NYSE American: UQM) (“UQM” or the “Company”),

 a developer of alternative energy technologies, today announced operating results for the fourth quarter and year ended December 31, 2018.  

 

Recent Highlights

·

Revenue of $5.5 million for the fourth quarter of 2018, more than double that of 2017 ($2.2 million)

·

2018 annual revenue was $14.2 million, an increase of 82% over revenue of $7.8 million in 2017

·

Announced acquisition of UQM by Danfoss A/S (“Danfoss”) at $1.71 per share in an all-cash transaction valued at approximately $100 million    

·

Won a $1.8 million order from a major fuel cell system supplier in China for UQM’s Fuel Cell Compressor System (“FCS”)

·

Will hold a special shareholders meeting on April 23, 2019 to vote on the Company’s pending merger with Danfoss

 

“UQM reported an excellent quarter – with revenue more than doubling, to $5.5 million – a strong indication of market demand and the value of our technology within an expanding sector,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “Given this backdrop, we were excited to announce in January that UQM had reached agreement to be acquired by Denmark-based Danfoss for $1.71 per share, or approximately $100 million. Danfoss reported its 2018 full year results on February 28, with sales of just under $7 billion, and we continue to believe UQM will be able to achieve its full potential under the Danfoss umbrella. Being part of a large, global enterprise will greatly improve our ability to compete against other multinational companies, open doors to new markets, and provide critical resources for UQM to continue developing the highly-engineered electric propulsion products we’re known for today. Indeed, we’ve seen nothing but an outpouring of positive support by existing and potential customers alike given our pending deal with Danfoss. We anticipate a bright future together and, in that vein, look forward to closing the merger in the second quarter of 2019.” 

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504 (303) 682-4900 FAX (303) 682-4901


The following information was filed by Uqm Technologies Inc (UQM) on Wednesday, March 27, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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