Longmont, Colorado  February 2nd, 2010 — UQM TECHNOLOGIES, INC. (NYSE Amex:UQM), a developer of alternative energy technologies, announced today operating results for the quarter and nine months ended December 31, 2009. Operations for the third quarter resulted in a net loss of $1,984,469 or $0.06 per common share on total revenue of $2,007,214 versus a net loss of $764,101 or $0.03 per common share on total revenue of $2,873,595 for the third quarter last year.

Operations for the nine months ended December 31, 2009 resulted in a net loss of $3,109,622 or $0.11 per common share on total revenue of $6,407,075 versus a net loss of $3,301,927 or $0.12 per common share on total revenue of $6,944,281 for the same period last fiscal year.

“Operating results for the third quarter reflect a shift in the timing of annual compensation awards from the second fiscal quarter last year to the current quarter and allocation of engineering resources from our contract services group to assist with production engineering activities on the electric propulsion system to be supplied to Coda Automotive. Primarily, as a result of these events, production engineering expenses more than doubled to $1,077,821, contract services revenue declined 72 percent to $223,081, and selling, general and administrative expenses increased 35 percent to $1,425,835 versus the comparable items for the same quarter last fiscal year. Operating results for the nine months ended December 31, 2009 improved modestly despite an increase in production engineering expenditures of $751,651, driven by an 8 percent increase in product sales and a 40 percent expansion in gross profit contribution dollars to $2,064,368. Shortly after the end of the quarter, we completed the $45.1 million award contract with the U.S. Department of Energy announced last August. As a result, we expect to receive payments under the award for facility and equipment purchases through December 31, 2009 of $3.6 million in the fiscal fourth quarter,” said Donald A. French, Treasurer and Chief Financial Officer of UQM Technologies, Inc.

“During the third quarter, we continued to receive prototype and low volume orders for our electric propulsion systems from a wide range of customers worldwide, primarily for application in passenger automobiles. Some of these customers have production intent programs to launch new all-electric or hybrid-electric vehicles over the next several years,” said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. “We also dedicated substantially greater engineering resources to product qualification and testing activities related to the high volume production launch of a 100 kW UQM® electric propulsion system for the Coda all-electric passenger vehicle later this year. These engineering activities are on schedule and we expect to begin installing motor and motor controller assembly lines at our new facility during the fourth fiscal quarter. We continue to be excited about the growing opportunities for our company in the developing clean vehicle market.”

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and nine months ended December 31, 2009. To attend the conference call, please dial 1-866-212-4491 approximately ten minutes before the conference is scheduled to begin and provide the description “UQM Third Quarter Earnings Call” to access the call. International callers should dial 1-416-800-1066. 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 1-866-583-1035 and enter the access code 1094472#. International callers should dial 011-44-208-196-1998.

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, 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 today, which is available through our website at www.uqm.com or at www.sec.gov.