|By Business Wire||
|February 5, 2014 06:48 PM EST||
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced that it has completed a $5.3 million capital raise through institutional investors. 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,” stated Eric Ridenour, President and CEO.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is located in Longmont, Colorado.
This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations; including those plans, beliefs and expectations of our management with respect to, among other things, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our annual report on Form 10-K for the fiscal year ended March 31, 2013 and our Form 10-Q filed on January 30, 2014, which is available through our website at www.uqm.com or at www.sec.gov.