UQM Technologies Reports Third Quarter, Nine Month Operating Results

FREDERICK, COLORADO, JANUARY 30, 2008 -- UQM TECHNOLOGIES, INC. (AMEX: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and nine months ended December 31, 2007. Continuing operations for the third quarter resulted in a loss of $1,322,849 or $0.05 per common share on total revenue of $1,714,858 versus a loss from continuing operations of $818,297 or $0.03 per common share on total revenue of $1,726,526 for the third quarter last year. Net loss for the quarter was $1,306,996 or $0.05 per common share versus a net loss of $824,019 or $0.03 per common share for the comparable quarter last year.

Continuing operations for the nine months ended December 31, 2007 resulted in a loss of $3,591,494 or $0.14 per common share on total revenue of $5,159,901 versus a loss from continuing operations of $2,468,911 or $0.10 per common share on total revenue of $4,642,076 last fiscal year. Net loss for the nine months ended December 31, 2007 was $3,575,641 or $0.14 per common share versus a net loss for the comparable period last year of $2,491,385 or $0.10 per common share.

�Although total revenue for the third quarter was flat, total revenue for the nine months ended December 31, 2007 rose 11 percent to $5,159,901 driven by higher levels of product sales revenue which rose 42 percent during the nine month period. Gross profit margins for the quarter rose to 16 percent versus 9 percent for the same quarter last year due to improved execution of funded programs. Losses from continuing operations for the quarter and nine month period increased due to higher internally-funded research and development costs, production engineering expenditures and selling, general and administrative expenses,� said Donald A. French, Treasurer and Chief Financial Officer of UQM Technologies, Inc.

During the quarter, we announced a new production contract to supply Club Car, Inc., a leading maker of golf, utility and transportation vehicles, with an auxiliary motor that actuates an automatic service brake feature on Club Car golf carts in certain international markets,� said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. �The addition of an another large, well-known company to our roster of production customers further reinforces our strategy to establish world class production capability to meet the current and future volume production requirements of our customers.�

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, 2007. To attend the conference call, please dial 1-866-322-2356 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 7798714 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 7798714. 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, medical, 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.

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