UQM Technologies Acquires Fuel Cell Compressor Business From Roush
UQM Technologies announced that it is expanding its business from mostly electric motors for vehicles into fuel cells by acquiring the fuel cell compressor business from Roush Performance Products.
The Colorado-based company earlier was supplying components for Roush’s compressor modules. Now, no later than May 15, UQM will begin manufacturing the fuel cell compressors for Roush’s current customer base and new customers.
We wonder why Roush sold off this division in the dawn of new era of fuel cells expected by some companies like Toyota?
“Roush made a strategic decision to exit this business, but wanted to ensure that its customers would have a high quality, stable supply source for future purchases and approached UQM to be the on-going supplier of these products. UQM will commence manufacturing the fuel cell compressors no later than May 15, 2015.“
Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. stated:
“We are excited to directly enter the fuel cell industry through this business transfer from Roush. Our expertise in manufacturing electric motor and controller systems makes this a natural extension of our existing product lines. Our revenue and gross profits will be improved as a result of this addition to our business. We look forward to serving the needs of our new customers and finding opportunities to expand the business as well.”