Mexican Media Brands
Hong Kong Firm Buys UQM
Hong Kong’s Hybrid Kinetic Group Ltd.’s (HKG) American Compass Inc. subsidiary has purchased a controlling 54% stake in alternative propulsion systems specialist UQM Technologies Inc. for $48 million.
#hybrid
Share
Hong Kong’s Hybrid Kinetic Group Ltd.’s (HKG) American Compass Inc. subsidiary has purchased a controlling 54% stake in alternative propulsion systems specialist UQM Technologies Inc. for $48 million.
Longmont, Colo.-based UQM makes electric motors, generators, power electronic controllers and fuel cell compressors for hybrid, electric and fuel cell-powered vehicles. HKG is expected to help UQM expand into China, the world’s largest market for electric vehicles.
The deal is due to close by year-end. When completed, UQM’s board will be increased to nine directors composed of UQM CEO Joe Mitchell, three current UQM independent directors and five directors nominated by HKG.
HKG, which has a market capitalization of about $600 million, produces lithium-ion batteries and battery management systems for electric and hybrid vehicles. The company is headed by Yeung Yung, who at one time was the CEO of Brilliance China Automotive and chairman of the company’s Shenyang Jinbei Passenger Vehicle affiliate.
In 2009 HKG announced ambitious plans to produce hybrid-electric cars in Alabama that ran on compressed natural gas. The company dropped those plans in 2011.
RELATED CONTENT
-
On Ford Maverick, Toyota Tundra Hybrid, and GM's Factory Footprint
GM is transforming its approach to the auto market—and its factories. Ford builds a small truck for the urban market. Toyota builds a full-size pickup and uses a hybrid instead of a diesel. And Faurecia thinks that hydrogen is where the industry is going.
-
Bolt EV: Like a Hammer Through a Screen
Some of you may remember the Apple “1984” commercial that ran on January 22, 1984, the ad that announced the Macintosh to the world.
-
Startup Readies Solar-Powered EV
Germany’s Sono Motors GmbH says it has received 5,000 orders for its upcoming Sion electric car, which can be partially recharged by it attached solar panels.