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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.
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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.
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