UQM Technologies Reports Fourth Quarter and Fiscal 2011 Operating Results

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, 2011. Operations for the fourth quarter resulted in a net loss of $195,175 or $0.01 per common share on total revenue of $2,347,946 versus a net loss of $1,031,250 or $0.03 per common share on total revenue of $2,284,878 for the fourth quarter last year.

Operations for the fiscal year ended March 31, 2011 resulted in a net loss of $1,992,358 or $0.06 per common share on total revenue of $9,021,302 versus a net loss of $4,140,872 or $0.13 per common share on total revenue of $8,691,953 last fiscal year.

"Fiscal 2011 was a year of transition for the company. We streamlined our structure, expanded our production engineering organization, relocated our manufacturing facility and qualified our manufacturing lines in preparation for the higher volume production of our electric propulsion systems for CODA Automotive,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. "Pre-production unit shipments to CODA, propulsion systems shipments to Audi and Saab for their vehicle test fleets together with shipments to Proterra and Electric Vehicles International contributed to a 15 percent increase in product sales for the year.”

"During the fiscal year we invested $7.4 million in upgrades to our facilities and for manufacturing equipment, half of which was funded under the DOE grant, to establish annual manufacturing capacity of 40,000 units per year,” said Donald A. French, UQM Technologies Treasurer and Chief Financial Officer. "Reimbursements of product qualification and testing costs under our Department of Energy award, including reimbursements of approximately $1.5 million related to costs incurred last fiscal year, together with lower levels of internally-funded research and development expenditures contributed to a reduction in net loss for the fiscal year. We are looking forward to the successful launch of production for CODA in the second half of this calendar year.”

Building on its 35 years of experience, UQM develops and manufactures electric propulsion systems that have been selected to power the Saab 9-3 ePower, Audi A-1 e-tron and Rolls-Royce 102EX Electric Phantom pre-production test fleet vehicles. UQM is also powering Proterra’s electric composite transit buses, as well as Electric Vehicles International’s all-electric medium-duty truck and walk-in van. The company has a new facility with 40,000 units of annual production capacity for its PowerPhase^® electric propulsion systems to support the commercial launch of CODA Automotive and other customer vehicles.

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, 2011. To attend the conference call, please dial 1-866-966-5335 approximately ten minutes before the conference is scheduled to begin and provide confirmation code "UQM” to access the call. International callers should dial 1-212-999-6659. 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 1963841#.

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.

Please visit www.uqm.com for more information.

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 Automotive, 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-K filed today, which is available through our website at www.uqm.com or at www.sec.gov .