UQM Technologies (UQM) Gets Another Deal With Proterra For 150 Electric Bus Propulsion Systems

UQM Technologies (UQM) announced yesterday it received another large order from hybrid/electric bus manufacturer Proterra and will supply 150 electric propulsion systems for use in their new all electric buses.  The initial supply term is for one year and the total contract could reach $1 million.

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"We are pleased to continue our multi-year relationship with Proterra as the propulsion system supplier for their state-of-the-art energy efficient transit buses as they begin the commercialization of this potentially game-changing vehicle," said William G. Rankin, UQM Technologies’ Chairman and Chief Executive Officer. "We expect transit operators to embrace this energy efficient and environmentally-friendly bus over the next several years resulting in an expansion of our sales to Proterra as they grow their penetration of the transit bus market."

Shares of UQM didn’t move on the news and continue to struggle despite being up more than 30% off the year’s lows.  It still trades below the 50 day moving average and remains in a steep downtrend, but this is going to be a compelling play once it shows a bit more life.

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