Status: Upcoming/New Filing (update)

 

Acquirer:  China Heavy Duty Truck Group Co., Ltd. (China)

Acquired:  UQM Technologies, Inc. (US)

Value:  Approximately US$28.3 million

Industry:  Electric Vehicles


UPDATE:  UQM Technologies, Inc. announced on September 25, 2017 that is has “closed the first stage investment under its stock purchase agreement with China National Heavy Duty Truck Co., Ltd. (“CNHTC”) through its wholly owned subsidiary Sinotruk (BVI) Limited.”  (UQM Press Release, UQM Technologies Announces the Closing of First Stage Investment by China National Heavy Duty Truck Group Co., Ltd., Parent Company of Sinotruk, a Leading Chinese Commercial Vehicle Manufacturer, Sept. 25, 2017.)  Through this first stage, “CNHTC has acquired 5,347,300 newly issued common shares of UQM, resulting in a 9.9% ownership interest in UQM.”  (Id.)  The “second stage investment will require approval by UQM’s shareholders and clearance by the Committee on Foreign Investment in the United States,” but “the parties expect the second stage investment to close as soon as those approvals are received.”  (Id.)


Posted on September 9, 2017

Status: Upcoming/New Filing

Colorado based UQM Technologies, Inc. announced that it entered into a Stock Purchase Agreement on August 25, 2017 with  China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) (aka Sinotruk Group), a Chinese state-owned truck manufacturer, through which CNHTC, through its wholly owned subsidiary Sinotruk (BVI) Limited,  (collectively, the “Buyer”), will acquire UQM shares and will enter into a joint venture with UQM to manufacture and sell electric propulsion systems for vehicles in China.  (UQM Press Release, UQM Technologies Announces the Signing of a Definitive Stock Purchase Agreement with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”), Parent Company of Sinotruk, a Leading Chinese Commercial Vehicle Manufacturer, Aug. 28, 2017.) “UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, and industrial markets.”  (Id.)  The transaction has two stages: in the first stage, within 30 days of execution, CNHTC will acquire 9.9% of the total outstanding shares of common stock of UQM Technologies for approximately $5.1 million (see UQM Technologies Form 8-K, Aug. 30, 2017, SEC Filing.); the second stage will involve the creation of the joint venture and the acquisition of additional UQM Technologies shares resulting in the CNHTC indirectly owning a total of 34% of UQM Technologies’ then-outstanding common stock.  (Id.) “The parties have agreed to submit a joint draft and final voluntary notice relating to the Second Stage Investment to CFIUS as promptly as practicable.” (Id.)  CFIUS clearance is a condition to the completion of the second stage.  (See Sections 6.01(b) and 5.10(b), Stock Issuance and Purchase Agreement, Ex-10.1 to UQM Technologies Form 8-K, Aug. 30, 2017, SEC Filing.)