Longmont, Colorado  May 24th, 2010 — UQM TECHNOLOGIES, INC. (NYSE Amex:UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended March 31, 2010. Operations for the fourth quarter resulted in a net loss of $1,031,250 or $0.03 per common share on total revenue of $2,284,878 versus a net loss of $1,100,092 or $0.04 per common share on total revenue of $1,784,030 for the fourth quarter last year.

Operations for the fiscal year ended March 31, 2010 resulted in a net loss of $4,140,872 or $0.13 per common share on total revenue of $8,691,953 versus a net loss of $4,402,019 or $0.17 per common share on total revenue of $8,728,311 last fiscal year.

“During fiscal 2010 we expanded our gross profit margins on continued growth in product sales revenue, which rose 21.6 percent for the year. As a result, gross profit contribution dollars for the fiscal year increased 53.9 percent to $2,717,133 versus $1,765,644 for the last fiscal year. The increase in gross profit dollars funded nearly all of the expansion of our production engineering activities for CODA Automotive and other customers, which rose by $1,038,486 for the current year versus last fiscal year. Contributing to the decreased net loss for the fiscal year were reduced expenditures for internally-funded research and development, general and administrative costs and interest expense,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “During the first quarter of fiscal 2011 we expect to bill the DOE under our $45.1 million Assistance Award for production engineering costs incurred since August of last year totaling more than $1.6 million and to record this amount in first quarter financial results as a reduction in operating expenses. Accordingly, we currently expect to be profitable for the fiscal 2011 first quarter.”

“Fiscal 2010 was a pivotal year in advancing the commercialization prospects for our electric propulsion system and generator technology,” said William G. Rankin, UQM Technologies’ President and Chief Executive Officer. “Several events occurred during the year that positioned the company for potentially rapid revenue growth in fiscal 2011 and beyond:

• In July 2009, we signed a ten year agreement with CODA Automotive to supply electric propulsion systems to power their all-electric four door passenger automobile scheduled for introduction in California later this calendar year. We expect to have volume manufacturing capacity in place by September of this year to produce 20,000 propulsion systems annually for this customer on one shift.
• In August 2009, we were notified by the U.S. Department of Energy that we had been selected to receive a $45.1 assistance award under the American Recovery and Reinvestment Act. The award provides funds to facilitate the manufacture and deployment of electric drive vehicles, batteries and electric drive vehicle components in the United States. We were one of seven component manufacturers selected for an award and the only small business under the component category. Funding received from the DOE through March 31, 2010 under the award totaled $3.6 million.

• In September 2009, we announced a cooperative marketing agreement with BorgWarner, which has developed a transaxle for all-electric and hybrid-electric vehicles that is matched to our PowerPhase® 100kW propulsion motor. This collaboration has lead to new business opportunities for both companies and we expect additional opportunities to be generated from this collaboration going forward.

• In October 2009, we completed a follow-on offering of our common stock resulting in net proceeds to the company of $31.7 million. Proceeds from this offer are being used as matching funds for the DOE award and for general corporate purposes.

• In December 2009, we completed the purchase of a 129,000 square foot manufacturing facility approximately two miles north of our current facility in Frederick, Colorado. The facility is currently undergoing a multi-million dollar renovation and upgrade in preparation for the setup of volume manufacturing lines for the CODA system and the relocation of our operations this summer.

The magnitude and visibility of our DOE award, our “first mover” advantage as the volume electric propulsion supplier to CODA Automotive and our collaborative marketing arrangement with BorgWarner are creating numerous additional opportunities that could lead to accelerating revenue growth over the next several years. We are looking forward to continued expansion in FY 2011 and substantially improved financial results,” said Rankin.

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended March 31, 2010. To attend the conference call, please dial 1-866-212-4491 approximately ten minutes before the conference is scheduled to begin and provide confirmation code “UQM” 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 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-866-583-1035 and give replay 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.

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, future financial results and revenue growth, orders to be received under our supply agreement with CODA, our ability to successfully expand our manufacturing facilities, the timing and success of the DCAA audit of the Company’s accounting system and release of conditional funds under the DOE award, 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-K filed today, which is available through our website at www.uqm.com or at www.sec.gov.

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