Danfoss has announced it has acquired all outstanding common shares of UQM Technologies, a developer of alternative energy technologies.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine and industrial markets.
With the acquisition, Danfoss adds a new technology to its product range, with inverter and motor solutions up to 6 MW of power.
“Already today we have a very broad portfolio of solutions, which plays a vital role in combating climate change and air pollution,” said Kim Fausing, president and CEO of Danfoss.
“With this acquisition, our third within electrification, we have added a well-established North American presence within electrification, which nicely complements our global footprint,” Fausing said. “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.”
UQM is headquartered in Longmont, Colorado, 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,” said Eric Alström, president of Danfoss Power Solutions.
“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.”
A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles.
“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,” said Joe Mitchell, UQM Technologies’ president and chief Executive officer. “We are looking forward to transforming the electric vehicle market and play a pivotal role in improving the environment for decades to come.”