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For anyone who is unable to participate in the conference, access to a recording will be available for 48 hours following the call. Dial 1-866-583-1035 and enter the replay code 1094472# to access the playback. International callers should dial 011-44-208-196-1998. Please allow two hours from the time of the conference call for initial setup before access.

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.

SOURCE: UQM Technologies, Inc.

UQM Technologies, Inc. 
Donald A. French, 303-682-4900 
or 
BPC Financial Marketing 
John Baldiserra, 800-368-1217

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 comply with the necessary conditions to access the Department of Energy award, our ability to successfully expand our manufacturing facilities 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.

SOURCE: UQM Technologies, Inc.

UQM Technologies, Inc. 
Donald A. French, 303-682-4900 
or 
BPC Financial Marketing 
John Baldiserra, 800-368-1217

Operations for the six month period ended September 30, 2009 resulted in a net loss of $1,125,153 or $0.04 per common share on total revenue of $4,399,861 versus a net loss of $2,537,826 or $0.10 per common share on total revenue of $4,070,686 for the comparable period last year.

"Net loss for the quarter and six month period ended September 30, 2009 declined substantially due to the expansion of gross profit margins to 36 percent and 32 percent, respectively, versus 18 percent and 15 percent for the comparable periods last fiscal year and the deferral of annual compensation awards which resulted in lower selling general and administrative costs. Gross margin contribution dollars nearly doubled to $817,816 for the quarter and rose 133 percent to $1,421,977 for the six month period versus $415,114 and $609,374 for the same periods last fiscal year, respectively. The expansion in gross profit margins resulted, in part, from increased product sales which rose 9 percent and 23 percent for the quarter and six month period, respectively, improved overhead absorption and lower production costs generally. Production engineering expenses for the quarter increased 21 percent to $587,881 reflecting the application of additional resources to the production launch of a PowerPhase(R) electric propulsion system for Coda Automotive's five passenger all-electric passenger automobile scheduled for introduction in the California market in mid-2010," said Donald A. French, UQM Technologies' Treasurer and Chief Financial Officer. "In addition, last week we closed on a public offering of 8.625 million shares of common stock resulting in net proceeds to the Company of approximately $32 million, raising our cash and short-term investments to approximately $37 million. These additional funds will be used for facilities, tooling and equipment expenditures and working capital requirements associated with the launch of volume manufacturing operations for Coda Automotive.

"During the second fiscal quarter there were several significant events that have greatly increased the Company's position as a key supplier of electric propulsion motors and generators to the automotive, truck, bus, off-road vehicle and military markets including:

-- the completion of a ten-year supply agreement with Coda Automotive to supply a 100kW electric propulsion system for their all-electric passenger sedan expected to be introduced in the California market in mid-2010. Coda hopes to achieve an annual sales run rate of 20,000 vehicles by December 2010, which if achieved, will result in annual revenue to our Company substantially greater than $50 million.

-- an award of $45.1 million from the U.S. Department of Energy under the American Recovery and Reinvestment Act of 2009 under its component manufacturing initiative for electric drive vehicles. Funding under this program is available to match qualifying expenditures for facilities, tooling and manufacturing equipment and engineering activities related to product qualification and testing

-- a marketing collaboration with BorgWarner to jointly market our electric motors and generators with BorgWarner's gearbox to automotive companies worldwide

These developments together with our recently completed round of financing have positioned us to broaden our reach in each of the markets we serve. To this point, during the second quarter we received low volume orders from twenty-one customers for our products. These low volume evaluation units represent the first step in the sales process leading to the inclusion of our propulsion systems and generators into new vehicle development programs," said William G. Rankin, UQM Technologies' President and Chief Executive Officer.

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and six months ended September 30, 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 Second 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 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, orders to be received under our supply agreement with Coda, our ability to comply with the necessary conditions to access the Department of Energy award, our ability to successfully expand our manufacturing facilities 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.

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
                                                                   September 30, 2009    March 31, 2009
Assets
Current assets:
Cash and cash equivalents                                          $      3,555,700      2,501,999
Short-term investments                                                    1,746,472      3,291,667
Accounts receivable                                                       1,667,969      917,099
Costs and estimated earnings in excess of billings on uncompleted         337,337        643,098
contracts
Inventories                                                               1,009,884      1,307,171
Prepaid expenses and other current assets                                 300,833        117,768
Total current assets                                                      8,618,195      8,778,802
Property and equipment, at cost:
Land                                                                      181,580        181,580
Building                                                                  2,464,213      2,464,213
Machinery and equipment                                                   4,146,721      4,040,406
                                                                          6,792,514      6,686,199
Less accumulated depreciation                                             (3,808,451  )  (3,556,796  )
Net property and equipment                                                2,984,063      3,129,403
Patent and trademark costs, net of accumulated amortization of            418,032        438,184
$761,602 and $733,594
Other assets                                                              120,194        76,443
Total assets                                                       $      12,140,484     12,422,832
                                                                   September 30, 2009    March 31, 2009
Current liabilities:
Accounts payable                                                   $      450,718        651,129
Other current liabilities                                                 580,493        600,672
Current portion of long-term debt                                         361,143        416,923
Short-term deferred compensation under executive employment               406,875        397,834
agreements
Billings in excess of costs and estimated earnings on uncompleted         106,727        71,367
contracts
Total current liabilities                                                 1,905,956      2,137,925
Long-term deferred compensation under executive employment                685,487        675,715
agreements
Total liabilities                                                         2,591,443      2,813,640
Commitments and contingencies
Stockholders' equity:
Common stock, $.01 par value, 50,000,000 shares authorized;               271,565        267,277
27,156,477 and 26,727,694 shares issued and outstanding
Additional paid-in capital                                                79,827,868     78,767,154
Accumulated deficit                                                       (70,550,392 )  (69,425,239 )
Total stockholders' equity                                                9,549,041      9,609,192
Total liabilities and stockholders' equity                         $      12,140,484     12,422,832

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)
                                                                 Quarter Ended September 30,            Six Months Ended September 30,
                                                                 2009                  2008             2009          2008
Revenue:
Contract services                                                $    431,512          586,384          844,394       1,189,868
Product sales                                                         1,839,030        1,690,947        3,555,467     2,880,818
                                                                      2,270,542        2,277,331        4,399,861     4,070,686
Operating costs and expenses:
Costs of contract services                                            285,215          541,946          581,720       1,077,606
Costs of product sales                                                1,167,511        1,320,271        2,396,164     2,383,706
Research and development                                              127,689          149,847          313,835       252,345
Production engineering                                                587,881          485,369          1,014,316     893,217
Selling, general and administrative                                   603,069          1,269,403        1,242,847     2,029,727
                                                                      2,771,365        3,766,836        5,548,882     6,636,601
Operating loss                                                        (500,823   )     (1,489,505 )     (1,149,021 )  (2,565,915 )
Other income (expense):
Interest income                                                       11,487           49,322           26,772        133,600
Interest expense                                                      (6,701     )     (8,559     )     (13,904    )  (17,675    )
Impairment of investment                                              -                (89,369    )     -             (89,369    )
Other                                                                 -                -                11,000        1,533
                                                                      4,786            (48,606    )     23,868        28,089
Net loss                                                         $    (496,037   )     (1,538,111 )     (1,125,153 )  (2,537,826 )
Net loss per common share - basic and diluted                    $    (0.02      )     (0.06      )     (0.04      )  (0.10      )
Weighted average number of shares of common stock outstanding -       26,947,997       26,639,508       26,851,069    26,583,430
basic and diluted
See accompanying notes to consolidated financial statements.

The following table summarizes significant financial statement information of each of the reportable segments as of and for the quarter ended September 30, 2009:

                                                                Power
                                             Technology         Products        Total
 Revenue                                     $   1,760,826      509,716         2,270,542
 Interest income                             $   10,613         874             11,487
 Interest expense                            $   -              (6,701    )     (6,701     )
 Depreciation and amortization               $   (92,724   )    (52,873   )     (145,597   )
 Segment loss                                $   (480,112  )    (15,925   )     (496,037   )
 Total assets                                $   8,725,308      3,415,176       12,140,484
 Expenditures for long-lived segment assets  $   (105,600  )    (22,507   )     (128,107   )

The following table summarizes significant financial statement information of each of the reportable segments as of and for the quarter ended September 30, 2008:

                                                                 Power
                                             Technology          Products        Total
 Revenue                                     $   1,441,848       835,483         2,277,331
 Interest income                             $   48,407          915             49,322
 Interest expense                            $   -               (8,559    )     (8,559     )
 Depreciation and amortization               $   (70,141    )    (55,459   )     (125,600   )
 Impairment of investment                    $   (89,369    )    -               (89,369    )
 Segment loss                                $   (1,392,600 )    (145,511  )     (1,538,111 )
 Total assets                                $   10,977,344      3,601,637       14,578,981
 Expenditures for long-lived segment assets  $   (141,234   )    (7,110    )     (148,344   )

The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the six month period ended September 30, 2009:

                                                                 Power
                                             Technology          Products        Total
 Revenue                                     $   3,369,213       1,030,648       4,399,861
 Interest income                             $   25,184          1,588           26,772
 Interest expense                            $   -               (13,904   )     (13,904    )
 Depreciation and amortization               $   (180,890   )    (105,746  )     (286,636   )
 Impairment of inventories                   $   (3,620     )    -               (3,620     )
 Segment loss                                $   (1,031,810 )    (93,343   )     (1,125,153 )
 Total assets                                $   8,725,308       3,415,176       12,140,484
 Expenditures for long-lived segment assets  $   141,585         22,507          164,092

The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the six month period ended September 30, 2008:

                                                                 Power
                                             Technology          Products        Total
 Revenue                                     $   2,509,785       1,560,901       4,070,686
 Interest income                             $   131,093         2,507           133,600
 Interest expense                            $   -               (17,675   )     (17,675    )
 Depreciation and amortization               $   (128,475   )    (110,792  )     (239,267   )
 Impairment of inventories                   $   -               (11,763   )     (11,763    )
 Impairment of investment                    $   (89,369    )    -               (89,369    )
 Segment loss                                $   (2,315,181 )    (222,645  )     (2,537,826 )
 Total assets                                $   10,977,344      3,601,637       14,578,981
 Expenditures for long-lived segment assets  $   (361,496   )    (7,110    )     (368,606   )

SOURCE: UQM Technologies, Inc.

BPC Financial Marketing 
John Baldiserra, 800-368-1217 
or 
UQM Technologies, Inc. 
Donald A. French, 303-682-4900