Danfoss completes acquisition of UQM Technologies

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Danish engineering company Danfoss is expanding its portfolio of electric vehicle technologies and is making its move into the North American market as a result of its acquisition of UQM Technologies.

The acquisition of the Colorado-based developer of alternative energy technologies becomes the third company Danfoss has bought in the electrification space, following on from the likes of Danfoss Editron which manufactures an electric drivetrain system.

UQM’s expertise is in motors and inverters in the power range of up to 250kW. With the acquisition, Danfoss adds a complementary technology to its current product range, with inverter and motor solutions up to 6MW of power.

With the acquisition, it will also enable Danfoss to grow in the on-highway market for buses and trucks.

“Already today we have a very broad portfolio of solutions, which plays a vital role in combating climate change and air pollution,” said says Kim Fausing, president and CEO, of Danfoss.

“With the strong North American presence, we cement our leading position in the marine and off-highway, and now also in the on-highway markets and it enables us to stay a relevant technology partner.”

Financial details of the acquisition were not revealed.

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