Some great news out of UQM Technologies (NYSEMKT:UQM) this morning, which announced it has begun high volume production of its PowerPhase electric propulsion system with a total capacity of 40K units across two shifts. The stock soared back in January aftr it announced it had added the capability for full production. The stock has not moving much (yet) on news it will actual produce at full capacity.
“The launch of volume production of our electric motors and controllers marks a new milestone in the history of UQM Technologies and is a significant step in the broad commercialization of our electric propulsion systems,” said Eric Ridenour, UQM Technologies’ President and Chief Executive Officer. “Moving into the high-volume production phase for our state-of-the-art high efficiency electric propulsion systems is a boost to our company in many ways, including generating a substantial increase in our revenue and by validating that our company can deliver volume product with the performance and durability that automakers expect.”
Shares are up 10% today on the news, but still trading below the $2 level. It has pushed back above resistance of the 50 day moving average this morning and this news may be the catalyst for a nice run. Put UQM on the radar for sure.