Longmont, Colorado  July 30th, 2009 — UQM TECHNOLOGIES, INC. (NYSE Amex:UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2009. Net loss for the first quarter declined 37 percent to $629,116, or $0.02 per common share on total revenue of $2,129,319, versus a net loss of $999,715 or $0.04 per common share on total revenue of $1,793,355 for the first quarter last year.

“During the first quarter we continued to experience strong demand for our electric propulsion systems due to an expansion in the number of all-electric and hybrid electric vehicle platforms being developed for potential introduction in the automobile market,” said William G. Rankin, UQM Technologies’ President and Chief Executive Officer. “We are currently working with fourteen vehicle producers, six of which are established international automobile manufacturers and eight of which are entrepreneurial companies that plan to introduce either all-electric, hybrid-electric or plug-in hybrid-electric vehicles over the next several years. On Tuesday we announced the completion of a long-term supply agreement with one of these entrepreneurial companies, Coda Automotive, to supply 20,000 PowerPhase® 100 electric propulsion systems over a two-year period for their all-electric Coda sedan. Initial volume deliveries are expected to begin in early 2010 and our focus over the next several quarters will be on the production qualification and manufacturing launch of this product. We believe that the execution of this production program will bring the company to a new level of improved financial performance.”

“Total revenue for the first quarter increased 19 percent versus the same quarter last year to $2,129,319 fueled by a 44 percent increase in product sales revenue which rose $526,566 to $1,716,437. The increase in total revenue together with an expansion in gross profit margins and reduced selling, general and administrative expenses more than offset increased internally-funded research and development expenditures resulting in a 37 percent reduction in net loss for the quarter to $629,116. At June 30, 2009 we had cash and short-term investments of $4,477,576 and working capital of $6,240,030. To successfully execute the supply agreement with Coda Automotive, we will likely be required to obtain additional working capital and we have today filed a “shelf” registration statement to position the company to pursue additional capital at a future date. We believe we are well-positioned to continue to grow the company as the restructuring of the U.S. automobile industry that is currently underway and the expected benefits of the U.S. Government’s stimulus package encourage vehicle makers and users to keep vehicle electrification a high priority,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer.


The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended June 30, 2009. To attend the conference call, please dial 1-866-322-2356 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4693438 to access the call. International callers should dial 1-416-640-3405. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-888-203-1112 and give replay code 4693438. International callers should dial 1-647-436-0148.

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at www.uqm.com.

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This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things the development of markets for our products and the adequacy of our cash balances and liquidity to meet future operating needs. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.