After receiving final approval, Danfoss has announced the closing of the deal to acquire all outstanding common shares of UQM Technologies, Inc., a developer of alternative energy technologies.
UQM is a leading expert and the technology leader in motors and inverters in the power range of up to 250 kW. With the acquisition Danfoss adds an important and complementary technology to its current product range, with inverter and motor solutions up to 6 MW of power. The acquisition will give Danfoss the total package of electric solutions for serving its global markets and, thereby, fully support customers’ needs – regardless of the chosen applications. This will enable further growth in the markets it serves and additional growth in the on-highway market for buses and trucks. With UQM, Danfoss Editron, Danfoss Drives and Danfoss Silicon Power, Danfoss now has a strong line-up of electrification solutions for the marine, off- and on-highway, and oil and gas markets.
“Already today we have a very broad portfolio of solutions, which plays a vital role in combating climate change and air pollution. With this acquisition, our third within electrification, we have added a well-established North American presence within electrification, which nicely complements our global footprint. With the strong North American presence, we cement our leading position in the marine and off-highway, and now also in the on-highway markets and it enables us to stay a relevant technology partner and serve our customers where they are,” says Kim Fausing, President & CEO, Danfoss.
UQM is headquartered in Longmont, CO, and will become part of the Danfoss Power Solutions segment.
“Danfoss EDITRON, the world’s most sophisticated electric drivetrain system, is already in serial production and being used by customers around the world in the marine, off-highway and on-highway sectors. With the acquisition of UQM, we increase our manufacturing capabilities, which will supplement and enhance Danfoss’ existing market-leading position in electrifying traditional heavy-duty industries and applications. I’m very happy to welcome the UQM team to Danfoss and to our business,” says Eric Alström, President, Danfoss Power Solutions.
“The next chapter for UQM is about to begin, but we couldn’t have made it here without the loyal longstanding support of our customers, employees and shareholders. We are looking forward to transforming the electric vehicle market and play a pivotal role in improving the environment for decades to come,” says Joe Mitchell, UQM Technologies’ President and Chief Executive Officer.