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UQM Technologies closes $5.3M financing
6 February 2014
UQM Technologies, a developer of and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military markets, completed a $5.3-million capital raise through institutional investors.
A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles.
UQM plans to use these funds to provide UQM with the financial flexibility that may be needed for potential JV’s, capacity expansion in new regions or working capital demands as a result of new business opportunities that are currently being pursued as well as for general corporate purposes.
The progress we are making across a number of prospects may require funding beyond our current operating needs. 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.—Eric Ridenour, President and CEO
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