UQM Technologies (UQM), a developer of alternative energy technologies,has signed an agreement with a Chinese company to develop and market electric propulsion systems for New Energy Vehicles (NEV) in China.
Under the agreement, the two companies will work together to introduce UQM products into the Chinese market for use in NEVs.
UQM Technologies president and CEO Eric Ridenour said the agreement will help the company to enter the Chinese market with its electric propulsion systems and related products for New Energy Vehicles.
"With annual revenue of over $5 billion, our Chinese partner has a substantial footprint throughout China and is well-positioned to introduce our products to the country's developing New Energy Vehicle market," Ridenour said.
In July 2012, the China State Council has published in its New Energy Vehicles plan to set a goal of 500,000 energy-efficient and clean vehicles on the road in China by 2015 and five million vehicles by 2020.
UQM's propulsion systems are used in a variety of applications, including motorcycles, cars, trucks, buses and, most recently, marine applications.
The company also provides propulsion systems for test-fleet vehicles of Audi, Rolls-Royce and the London Taxi Company, and previously for Saab vehicles.
