UQM Technologies Reports First Quarter Operating Results

FREDERICK, Colo.--(Business Wire)--
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 14 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 10 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.

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.

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

June 30, 2009 March 31, 2009
Assets
Current assets:
Cash and cash equivalents $ 2,282,425 2,501,999
Short-term investments 2,195,151 3,291,667
Accounts receivable 1,782,011 917,099
Costs and estimated earnings in excess of billings on uncompleted contracts 401,966 643,098
Inventories 1,037,828 1,307,171
Prepaid expenses and other current assets 213,544 117,768
Total current assets 7,912,925 8,778,802

Property and equipment, at cost:
Land 181,580 181,580
Building 2,464,213 2,464,213
Machinery and equipment 4,067,204 4,040,406
6,712,997 6,686,199
Less accumulated depreciation (3,683,784 ) (3,556,796 )
Net property and equipment 3,029,213 3,129,403

Patent and trademark costs, net of accumulated amortization of $747,645 and $733,594 425,325 438,184
Other assets 84,812 76,443
Total assets $ 11,452,275 12,422,832

June 30, 2009 March 31, 2009
Liabilities and Stockholders` Equity
Current liabilities:
Accounts payable $ 333,769 651,129
Other current liabilities 495,898 600,672
Current portion of long-term debt 389,283 416,923
Short-term deferred compensation under executive employment agreements 402,354 397,834
Billings in excess of costs and estimated earnings on uncompleted contracts 51,591 71,367
Total current liabilities 1,672,895 2,137,925

Long-term deferred compensation under executive employment agreements 680,601 675,715
680,601 675,715
Total liabilities 2,353,496 2,813,640

Commitments and contingencies

Stockholders` equity:
Common stock, $.01 par value, 50,000,000 shares authorized; 26,756,932 and 26,727,694 shares issued and outstanding 267,569 267,277
Additional paid-in capital 78,885,565 78,767,154
Accumulated deficit (70,054,355 ) (69,425,239 )
Total stockholders` equity 9,098,779 9,609,192
Total liabilities and stockholders` equity $ 11,452,275 12,422,832

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (unaudited)

Quarter Ended June 30,
2009 2008
Revenue:
Contract services $ 412,882 603,484
Product sales 1,716,437 1,189,871
2,129,319 1,793,355

Operating costs and expenses:
Costs of contract services 296,505 535,660
Costs of product sales 1,228,653 1,063,435
Research and development 186,146 102,498
Production engineering 426,435 407,848
Selling, general and administrative 639,778 760,324
2,777,517 2,869,765

Loss before other income (expense) (648,198 ) (1,076,410 )

Other income (expense):
Interest income 15,285 84,278
Interest expense (7,203 ) (9,116 )
Other 11,000 1,533
19,082 76,695

Net loss $ (629,116 ) (999,715 )

Net loss per common share - basic and diluted $ (0.02 ) (0.04 )

Weighted average number of shares of common stock outstanding -basic and diluted 26,753,076 26,526,737

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

Power
Technology Products Total
Revenue $ 1,608,387 520,932 2,129,319
Interest income $ 14,571 714 15,285
Interest expense $ - (7,203 ) (7,203 )
Depreciation and amortization $ (88,166 ) (52,873 ) (141,039 )
Impairment of inventories $ (3,620 ) - (3,620 )
Segment loss $ (551,698 ) (77,418 ) (629,116 )
Total assets $ 8,170,182 3,282,093 11,452,275
Expenditures for long-lived segment assets $ (35,985 ) - (35,985 )

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

Power
Technology Products Total
Revenue $ 1,071,869 721,486 1,793,355
Interest income $ 82,686 1,592 84,278
Interest expense $ - (9,116 ) (9,116 )
Depreciation and amortization $ (58,334 ) (55,333 ) (113,667 )
Impairment of inventories $ (11,763 ) - (11,763 )
Segment loss $ (922,581 ) (77,134 ) (999,715 )
Total assets $ 12,258,070 3,722,419 15,980,489
Expenditures for long-lived segment assets $ (220,262 ) - (220,262 )

UQM Technologies, Inc.
Donald A. French, 303-278-2002
or
BPC Financial Marketing
John Baldiserra, 800-368-1217

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