A Longmont maker of electric motors is again trying to sell a big part of itself to a Chinese company, this time for more than $28 million.
UQM Technologies (NYSE: UQM) said it's trying to sell more than a third of its shares to China National Heavy Duty Truck Group Co. Ltd., which is the parent company of Sinotruk, a Chinese commercial vehicle manufacturer, in an effort to broaden UQM sales in China.
UQM said the Chinese company will initially buy about 10 percent of its shares for $5.1 million, then buy more shares — for total of about 34 percent of UQM's shares — for another $23.2 million, for a total of $28.3 million.
"This alliance provides UQM with access to the largest electric vehicle market in the world and provides us with a much stronger competitive position in the global market for electric vehicles. We believe our shareholders, customers and employees will all benefit from this alliance," said Joe Mitchell, president and CEO of UQM, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2vDBtEH