Goldfish 23 All-Electric eFUSION Boat Powered By UQM® Propulsion System Wins the 2012 Boat of the Year Innovation Award at the Dusseldorf Boat Show

UQM Technologies, Inc. (NYSE Amex: UQM) PowerPhase^® Select 145 electric propulsion system powered the Goldfish 23 all-electric eFUSION boat to win the innovation award category of the 2012 European Powerboat of the Year award at the Dusseldorf Boat Show. The Goldfish 23 foot eFUSION tender recently achieved a top speed of 47 knots during testing in Norway. UQM worked with ReGen Nautics, Inc., based in Ft. Lauderdale, Florida, on the program.

"It is extremely rewarding to see UQM Technologies products help global boat manufacturers like Goldfish Boat win recognition for innovation and functionality with a prestigious international audience at the Dusseldorf Boat Show,” said Eric Ridenour, UQM Technologies President and Chief Executive Officer. "Our partnership with ReGen Nautic enabled UQM to expand into the marine market and demonstrate the effectiveness of electric propulsion while driving additional revenue growth.”

Goldfish plans to deploy up to 10 additional eFUSION boats this year. Future plans include higher volume production of the jet drive propulsion system using UQM’s new PowerPhase Pro 135.

UQM PowerPhase propulsion systems are highly energy efficient, providing operating efficiencies of over 90 percent across much of their performance range.

"We are excited to have partnered with UQM Technologies to pursue all-electric and hybrid-electric propulsion opportunities in the marine market,” said Pierre Caouette, ReGen Nautic President and Chief Operating Officer. "UQM PowerPhase propulsion systems deliver the performance and efficiency in a compact package that we believe can propel electric propulsion to near term commercialization in the boat market.”

About UQM Technologies, Inc.

UQM Technologies 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 for UQM 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. UQM headquarters, engineering, product development center and manufacturing operation are located in Longmont, Colorado. For more information, please visit www.uqm.com.

About Goldfish Boat AS

Goldfish Boat is a private corporation owned by the founders and located in Norway near the Oslo fjord. Goldfish is developing and manufacturing fast motorboats for both the leisure market and military industry in a growing number of countries. The impetus within Goldfish is to improve the existing designs and to push new ideas into the marketplace without diluting the distinctive character of its boats. For more information, please visit www.goldfishboat.com.

About ReGen Nautic USA

ReGen Nautic USA is a private corporation located in Fort Lauderdale, Florida. The company has developed hybrid electric propulsion systems for yachts, trawlers, and sailboats over 50 feet. It customizes automation systems to boat design, and the company’s products are the unique components needed for system function. It manufactures high voltage (HV) boxes and licenses the software for integration and safety systems. ReGen Nautic has pending patents that protect its intellectual property related to integrating, optimizing and combining components of marine hybrid systems, providing efficient operation and fuel savings. For more information, please visit www.regennautic.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 from ReGen Nautic, future financial results 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 January 31, 2012, which is available through our website at www.uqm.com or at www.sec.gov.