UQM Technologies (UQM) is seeing a nice pop over the past couple days after it was announced on Tuesday that the company has received another order from Electric Vehicles International. The order is for 100 propulsion systems that will ultimately be used in all electric trucks for UPS which are expected to be deployed in California very soon. UPS will replace diesel trucks saving up to 126K gallons of fuel every year.
"We’re very pleased that UPS has selected the all-electric EVI delivery van for the expansion of its all-electric delivery van fleet program," said Eric Ridenour, UQM Technologies President and Chief Executive Officer. "The expansion of our business with EVI into UPS vehicles represents a significant deployment of our higher power propulsion systems in the medium-duty commercial truck market and will drive revenue growth in this important segment."
Technically, shares of UQM are still trying to find a bottom after a long downtrend that began about one year ago. With two big up days, shares are back above resistance at the 50 day moving average, but can they stay there. The stock has eclipsed the 50 on a few occasions in recent months only to retest the lows.