After receiving final approval, Danfoss has ‘closed’ the deal to acquire all outstanding common shares of UQM Technologies Inc — a developer of ‘alternative energy technologies’ and a leading expert in motors and inverters up to 250kW.

With this acquisition, Danfoss has added an important and complementary technology to its current product range, with inverter and motor solutions offering powers up to 6MW.

The acquisition will give Danfoss “the total package of electric solutions for serving its global markets and fully supporting our customers’ needs, regardless of the chosen applications.

“It will also enable further growth in the markets the company serves and additional growth in the on-highway market for buses and trucks”.

With UQM, Danfoss Editron, Danfoss Drives and Danfoss Silicon Power, Danfoss now has a strong line-up of electrification solutions for the marine, off- and on-highway and oil and gas markets.

Kim Fausing, president and CEO of Danfoss (www.danfoss.com), said: “We already had a very broad portfolio of solutions that play a vital role in combating climate change and air pollution.

“With this acquisition, we have added a well-established North American presence within electrification, which nicely complements our global footprint.”

UQM has its headquarters in Longmont, Colorado; it will become part of Danfoss Power Solutions.

Joe Mitchell, president and CEO of UQM, said: “The next chapter for UQM is about to begin.

“We are looking forward to transforming the electric-vehicle market and playing a pivotal role in improving the environment for decades to come.”