Longmont, Colorado  January 20th, 2010 — UQM TECHNOLOGIES, INC. (NYSE Amex:UQM), a developer of alternative energy technologies, announced today that it has received a $45.1 million cost-shared grant with the United States Department of Energy under the American Reinvestment and Recovery Act (ARRA) to accelerate the manufacturing and deployment of electric vehicles, batteries and components in America. Under the grant, the company will be eligible to receive reimbursement of 50 percent of qualifying expenditures for the purchase of facilities, tooling and manufacturing equipment, and for engineering related to product qualification and testing. Assets acquired using DOE funding may be subject to reimbursement at a later date if the fair value of the asset on the date of disposition exceeds $5,000. The amount of any such reimbursement shall be equal to 50 percent of the fair value of the asset on the date of disposition. The contract also provides for the reimbursement of qualifying pre-award expenditures incurred after August 5, 2009. Reimbursements under this provision were approximately $4.5 million. The award requires the company to provide detailed reports to the DOE on how funds are deployed and the number of jobs saved or created due to receipt of the DOE funding.

“The receipt of this cost-shared award is a significant milestone in the launch of high volume production of our PowerPhase® electric propulsion systems for Coda Automotive and other future customers,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “The funding provided under this award is expected to substantially lower our cost of capital, reduce financial risk, improve product margins and lead to the creation of hundreds of new jobs. We are honored that the Department of Energy selected our company as one of seven component manufacturers, and the only small business, to receive funding under the AARA’s Electric Drive Vehicle Battery and Component Manufacturing Initiative. In addition, allowable product qualification and testing costs incurred prior to the award date will reduce net loss for the fiscal fourth quarter ending March 31, 2010 by approximately $0.9 million.”

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.

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, orders to be received under our supply agreement with Coda, our ability to successfully expand our manufacturing facilities, the ability to sell the company’s existing facility on terms satisfactory to the company and the continued growth of the electric-powered vehicle industry. 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 November 5, 2009, which is available through our website at www.uqm.com or at www.sec.gov.