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Very informative (UQM) conference call!
https://www.investornetwork.com/company/3570
UQM Technologies Signs Joint Venture Agreement with China National Heavy Duty Truck Group Co., Ltd.
Business Wire Business WireNovember 30, 2017
LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE American: UQM) announced today it has signed a Joint Venture Agreement (“JVA”) with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) and Sinotruk Global Village Investment Limited, a Hong Kong based limited liability company owned by CNHTC. Under the JVA, UQM will acquire a 25% ownership share of the joint venture with CNHTC and its affiliate collectively acquiring a 75% share. UQM has the option to increase its ownership position to 33% in the next one to three years. The initial total capital of the joint venture will be $24 million, with UQM contributing $6 million in three installments during the next year. UQM’s funding requirement is contingent on the closing of the Second Stage Investment with CNHTC, in accord with the terms of the Stock Purchase Agreement signed by both parties on August 25, 2017.
The joint venture will be named Sinotruk Qingdao Zhongqi New Energy Automobile Co., Ltd. and will be headquartered in the city of Qingdao, China. The purpose of the JV will be to serve the China market for commercial vehicle E-drives and the global market for E-axles. The annual production capacity which the JV intends to establish is 50,000 systems, and it is anticipated to commence commercial operations in 2019.
“We are very excited to have signed a joint venture agreement with CNHTC,” said Joe Mitchell, President and CEO of UQM. “Our strategy for many years has been to align ourselves with a Chinese partner that would enable us to have a local manufacturing presence in China. This JV agreement gives us the opportunity to manufacture and sell our electric propulsion systems to the largest market in the world for electric vehicles. We believe that our alliance with CNHTC, given their size, strength, and world class reputation in the global commercial vehicle market, combined with UQM’s second-to-none electric propulsion technology, will generate many opportunities for growth.”
Mr. Ma Chunji, Chairman of CNHTC, said, “The new joint venture with UQM provides us the best technology to expand our new energy vehicle presence in China. While we do business in over 100 countries, we also look forward to using our partnership with UQM to grow in the global market as well. We look forward to a long and successful relationship with UQM.”
About UQM
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. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado.
About China National Heavy Duty Truck Group Co., Ltd.
China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the parent company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading heavy-duty commercial vehicle manufacturer in China and one of the largest commercial vehicles groups in the world. Its products are distributed in over 90 countries worldwide, including in South America, Africa, Southeast Asia, the Middle East, Ireland and Australia, among many others.
Since its founding in 1950, Sinotruk has had a long and successful history cooperating with international partners in developing new products and markets in China and elsewhere, including Steyr of Austria, MAN SE of Germany, and Cargotec of Finland. CNHTC has two subsidiaries listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, respectively.
UQM Technologies Announces Strategic Alliance with Meritor to Jointly Develop Full Electric Axle Systems (E-Axles) Targeting the Medium and Heavy-Duty Commercial Vehicle Market
Business WireFebruary 2, 2017
LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE MKT: UQM) announced today the signing of a development agreement with Meritor, Inc., located in Troy, Michigan. The development program is expected to last for two-and-one-half years. The alliance calls for Meritor to develop integrated axle components for E-axle technology. The components will be combined with UQM’s motor and inverter technology and hardware to create the Meritor and UQM Electric Axle System (“MUQM Electric Axles”) for the medium and heavy-duty commercial vehicle markets.
The benefits of the system are expected to allow customers in the medium and heavy-duty EV commercial markets to improve on component packaging requirements, realize cost savings from integration, and increased vehicle performance. “We are excited to align ourselves with Meritor to address the commercial market from a new vantage point. This allows UQM to focus on design and development and in turn approach the market as a Tier 2 supplier with a proven Tier 1 OEM,” said Joe Mitchell, President and CEO of UQM. “We believe this relationship gives Meritor the opportunity to become a leading supplier of E-axles using UQM’s technology allowing customers to benefit from integrated solutions that drive cost savings in the long term.”
“We are pleased to engage with UQM on this important project,” said John Bennett, Meritor’s General Manager of Global Product Strategy. “We believe that this relationship will provide leading edge technology that will meet and exceed our customers’ expectations for E-axle solutions.”
The companies anticipate that prototypes will be ready by early fall of 2017.
About UQM
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, military and industrial markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,000 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 18 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR.
UQM Technologies Announces the Closing of First Stage Investment by China National Heavy Duty Truck Group Co., Ltd., Parent Company of Sinotruk, a Leading Chinese Commercial Vehicle Manufacturer
Business WireSeptember 25, 2017
LONGMONT, Colo.--(BUSINESS WIRE)--
UQM Technologies, Inc. (NYSE American: UQM) announced today it has closed the first stage investment under its stock purchase agreement (the “Agreement”) with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) through its wholly owned subsidiary, Sinotruk (BVI) Limited. In this first stage investment, CNHTC has acquired 5,347,300 newly issued common shares of UQM, resulting in a 9.9% ownership interest in UQM. The purchase price is $0.95 per share, which represents a 15% premium over the 30-day closing price average for the period ending on the last trading date before the signing of the Agreement on August 25, 2017. UQM is receiving $5.1 million of cash proceeds from this first closing.
Closing of the second stage investment will require approval by UQM’s shareholders and clearance by the Committee on Foreign Investment in the United States (“CFIUS”). The parties expect the second stage investment to close as soon as those approvals are received.
As part of the Agreement, upon the closing of the first stage investment, Mr. Ma Chunji, Chairman of CNHTC, has been appointed to the Board of UQM as a non-voting observer member. Upon the closing of the second stage investment, (i) UQM will increase the size of its Board to eight members, (ii) the Board observer shall have all the rights of a full Board member and (iii) CNHTC will have the right to nominate two additional Board members, with one CNHTC representative expected to be elected as the Chairman of the Board of UQM.
After the closing of the second stage investment, UQM and CNHTC intend to form a joint venture for the manufacture and sale of electric propulsion systems in China. The parties expect Sinotruk to be a significant purchaser of electric propulsion systems from the joint venture, and other customers will be identified for sales as well. The parties are continuing their work to complete the definitive agreement that will define the terms of this joint venture in China.
“The closing of the first stage investment is a significant milestone in our new relationship with CNHTC,” said Joe Mitchell, President and CEO of UQM. “The proceeds from this investment add strength and stability to our balance sheet. We are now actively engaged to obtain approvals from our shareholders and from the Committee on Foreign Investment in the United States (CFIUS), so that we can finalize the second stage investment from CNHTC. This will allow us to execute on our strategy to become a major player in the electric vehicle propulsion market in China.”
About UQM
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. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO 14001 certified and located in Longmont, Colorado.
About China National Heavy Duty Truck Group Co., Ltd.
China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the parent company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading heavy-duty commercial vehicle manufacturer in China and one of the largest commercial vehicles groups in the world. Its products are distributed in over 90 countries worldwide, including in South America, Africa, Southeast Asia, the Middle East, Ireland and Australia, among many others.
Since its founding in 1950, Sinotruk has had a long and successful history cooperating with international partners in developing new products and markets in China and elsewhere, including Steyr of Austria, MAN SE of Germany, and Cargotec of Finland. CNHTC has two subsidiaries listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, respectively.
October 31, 2017
Orbite Provides Corporate Update
MONTREAL, QUEBEC--(Marketwired - Oct. 31, 2017) - Orbite Technologies Inc. (NEX:ORT.H) ("Orbite" or the "Company") today provided an update on its continuing efforts to emerge from insolvency protection for the benefit all of its stakeholders.
CCAA Court extends the Stay Period and approves the release of the remaining $2 million of the DIP Financing
As announced on August 2, 2017, the Superior Court of Quebec (the "CCAA Court") issued a second amended and restated initial order pursuant to the Companies' Creditors Arrangement Act ("CCAA") providing for a stay of all proceedings until October 31, 2017 (the "Stay Period"). On October 30, the CCAA Court granted a motion filed by the Company and issued the following orders:
-- extending the Stay Period until January 31, 2018;
-- relieving Orbite from its obligation to call the annual meeting of
shareholders on or before January 31, 2018 and directing Orbite to call
such annual meeting, as the case may be, by April 27, 2018;
-- establishing a claims procedure for claims against the Company; and
-- directing PricewaterhouseCoopers, to release the balance of the Debtor
in Possession ("DIP") financing representing an amount of $2,037,666, to
be used by the Company in accordance with the terms and conditions of
the DIP financing and the August 1, 2017 court order.
Based on the cashflow projections filed by Orbite with the CCAA Court, the Company expects to have liquidities until the week of April 22, 2018 taking into account the released balance. Accordingly, the Company believes that such orders will be beneficial to all stakeholders by giving it the required time and resources to emerge from CCAA protection.
There can be no guarantees that the Company will be successful in its restructuring efforts or will emerge from CCAA protection.
Update on the Calcination Equipment
Orbite and the calcination equipment supplier's technical teams continued to work very closely to resolve the issues with the calcination equipment.
-- An extensive root causes analysis was conducted and is now complete. The
different causes contributing to the failures of the electric heating
system have been identified and confirmed;
-- The solution to the heating system failure issues has been identified,
modeled, and evaluated and is now entering the detailed engineering
phase, by the equipment supplier;
-- Solutions to the other issues identified are mostly finalized and are
into the detailed engineering phase, also carried out by the equipment
supplier.
The initial diagnostic phase carried out by the equipment supplier took longer than it originally planed, consequently, production activities are expected to commence in the latter part of Q1 2018, subject to raising adequate financing and implementing the contemplated supplier-related solutions.
The Company will provide further updates as developments occur.
I'm not sure, but this the latest from their website.
November 16, 2017
Orbite files a motion against insurer to receive indemnification payment
MONTRÉAL, QUÉBEC--(Marketwired - Nov. 15, 2017) - Orbite Technologies Inc. (NEX:ORT.H) ("Orbite" or the "Company") announced today it has filed a motion with the Québec Superior Court (the "CCAA Court") for the issuance of certain orders against Royal Sun Alliance ("RSA"), Orbite's insurer for its Machinery and Business Interruption policies (the "Insurance Policies"). The motion is namely for the payment of approximately $23.3 million to recover the costs associated with repairing the heating element system of the calcination equipment and the fixed costs incurred during the downtime experienced.
As indicated in its press release of March 31, 2017, claims were filed with RSA under the Insurance Policies. The claims were amended over the course of the summer to account for the additional costs incurred by the Company. To date, Orbite has been unable to obtain payment from RSA for the claims made under the Insurance Policies.
There can be no assurance that the motion will be granted in favour of the Company or that the CCAA Court will order the full amount of the claims set forth in the motion to be paid to the Company.
Dilution.........
I've been trading/investing for over 18 years. I can't specifically recall a stock that I owned that acted so well after a dilution announcement.
AXGN may turn into something very special.
Shale Oil
Yes, I'm speaking generally.
It would seem that over 90% of the world land mass is open for exploration.
Which leads me to believe that the shale oil revolution has just began.
Hi Dew,
I've enjoyed your work for some time, and thought I'd join the elevated discussion.
By tight oil, I mean non-conventional oil such as Shale.
Thank You.
Tight Oil
The land mass of the United States is approximately 7% of the world total.
This land mass does not include shallow water drilling opportunities.
Tight oil technology would seem to be far from mature.
So why should the price of oil ever rise above $50-60 dollars per barrel?