UQM Technologies, Inc. has received a two year extension to the term of its $45.1-million US Department of Energy Grant under the American Recovery and Reinvestment Act (ARRA) to accelerate the deployment of the next generation of electric vehicles.
The period of performance for the program has been extended from 3 years to 5 years, extending the scheduled completion date to 12 January 2015. Through 31 March 2012, UQM has qualified for funding under the Grant of $16.9 million.
This Grant has been instrumental in assisting us to introduce an automotive qualified electric propulsion system for the CODA all-electric vehicle, which recently went on sale in the State of California, and for our other customers who are planning for potential future clean vehicle introductions. The extension of this Grant for an additional two year term broadens our opportunity to commercialize our electric propulsion systems in the automotive, medium-duty truck and bus markets, install additional manufacturing capacity and continue work on our next generation of automotive qualified propulsion systems which we expect to be more efficient, smaller, lighter-weight, power dense and at a lower cost.—Eric Ridenour, UQM Technologies President and Chief Executive Officer
In addition to the ARRA Grant, UQM also has a $4-million program for the development of non-rare-earth magnet electric motors for use in electric and hybrid electric vehicles, with $3 million of the program funding provided by the DOE.