CFIUS Clearance: Danfoss A/S and UQM Technologies, Inc.

Status: Clearance

Acquirer: Danfoss A/S (Denmark)
Acquired: UQM Technologies, Inc. (U.S.)
Value: $100 million
Industry Tags: Electric Vehicles; Automotive

On January 21, 2019, UQM Technologies, Inc., a Colorado corporation, entered into an agreement with Danfoss Power Solutions (US) Company, a Delaware corporation and wholly-owned subsidiary of Denmark-based Danfoss A/S, whereby UQM Technologies will become a wholly-owned subsidiary of Danfoss Power Solutions (US) Company. (See Press Release, UQM Technologies, Inc., Form 8-K, Ex-99.1, Jan. 22, 2019, SEC Filing.) “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.) CFIUS Approval was a condition to the transaction. (See Section 6.01(d), Agreement and Plan of Merger, UQM Technologies, Inc., Form 8-K, Ex-2.1, Jan. 22, 2019, SEC Filing.) By “letter dated July 25, 2019, [UQM Technologies, Inc.] received notice from the Committee on Foreign Investment in the United States (“CFIUS”) stating that CFIUS has cleared the previously announced merger between the Company and a wholly owned subsidiary of Danfoss Power Solutions (US) Company (“Danfoss”).” (Press Release, UQM Technologies, Inc., Form 8-K, Ex-99.1, July 26, 2019 SEC Filing.)

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