UQM Technologies Gets $48M From Chinese Investors For Majority Stake
Longmont-based UQM Technologies said late Tuesday that it has received a $48M, majority investment from Hong Kong investor Hybrid Kinetic Group Limited, which will make that company the majority owner of the company. According to the company, Hybrid Kinetic Group Limited (HKG) is purchasing newly issued UQM common shares, representing 58 percent of UQM, at a price of $0.72 per share. According to UQM, the deal requires the approval by the Committee on Foreign Investment in the United States (CFIUS) and the required Hong Kong regulatory authorities. UQM said it will remain headquartered in Longmont after the deal. HKG will take five of the positions on UQM's board, which the company says will expand to a total of nine. UQM is a developer of drivetrains for the electric and hybrid-electric automotive market; HKM is a developer of batteries, battery management systems, and its own electric and hybrid vehicles.
posted on Wednesday, June 29, 2016
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