UQM Technologies, a developer of alternative energy technologies, today announced that its merger with a wholly owned subsidiary of Danfoss Power Solutions US, previously announced, has been completed.
Payments to shareholders – at $1.71 per share – will begin immediately, subject to normal brokerage processing requirements.
“The next chapter for UQM is about to begin, but we couldn’t have made it here without the steadfast, longstanding support of our customers, employees and shareholders,” said Joseph Mitchell, UQM Technologies’ president and CEO. “We look forward to working with Danfoss to transform the electric vehicle market of tomorrow and play a pivotal role in improving the environment for decades to come.”
Kim Fausing, president and CEO of Danfoss, said, “Prior to this agreement, we already had a very broad portfolio of solutions that play a vital role in combating climate change and air pollution. With this acquisition – our third in electrification – we have added a well-established North American presence which nicely complements our global footprint. We have solidified our leading position in the marine, off-highway, and on-highway markets, enabling us to stay a relevant technology partner and serve our customers wherever they are.”
“Danfoss EDITRON, the world’s most sophisticated electric drivetrain system, is in serial production and being used by customers across the globe 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,” added Eric Alström, president, Danfoss Power Solutions.