Danfoss acquires UQM

Danfoss, a privately-owned multinational company with reported sales of €5.8bn in 2017, is a manufacturer of hydraulic systems, drives, motors, and components for the automotive, aerospace, HVAC and energy industries.

In December 2018, UQM Technologies won a US$1.8m order from a fuel cell system supplier in China for UQM’s combined electric motor, inverter and compressor module and has also recently introduced a full line-up of its Powerphase HD2 electric motor inverters.

Joe Mitchell, UQM Technologies’ president and chief executive officer, said that UQM will be an excellent addition to Danfoss “as our products, business model, strategy and focus are closely aligned.”

“We’re proud of our many accomplishments and look forward to a future with Danfoss, with which we can enhance service for our customers, invest in technology, and adapt to the ever-changing dynamics of our core markets,” he added.

The merger was unanimously agreed by the boards of directors of both UQM and Danfoss together with GDG Green Dolphin which holds approximately 7.4 per cent of UQM’s shares. Closing of the transaction, which is expected later this year, is subject to approval by two-thirds of UQM shareholders and by the Committee on Foreign Investment in the US as well as other customary closing conditions.