UQM Technologies has received a follow-on contract from the US Army’s Tank - Automotive and Armaments Command (TACOM) to continue the development of an advanced vehicle propulsion motor for application as a wheel-mounted electric propulsion system.
The ten-month development effort will focus on refinements to the assembly process and design improvements to the proprietary permanent magnet electric concept motor that has demonstrated the potential to triple the torque capability of existing UQM propulsion motors. Army funding for the cost-share project is $244,608 or 77% of the total effort.
Separately, UQM announced that it completed a private placement of 1,250,000 shares of its common stock to Heartland Advisors on behalf of two of its advisory clients, Heartland Value Fund and Turn of the Tide, a Wisconsin Limited Partnership. Net cash proceeds from the transaction were approximately $5.2 million.