UQM Technologies Receives Additional Funding From the U.S. Air Force for Electric Pickup Truck Project

FREDERICK, Colo., Aug. 31, 2005 -- UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, announced today that it has received additional funding from the U.S. Air Force to purchase and evaluate a high voltage battery charging system and engineer an electric pickup truck for the future installation of a fuel cell auxiliary power unit that would supplement the amount of power available onboard the vehicle. The $120,000 in incremental funding raises the total value of the contract to $750,000. The overall objective of the project is to evaluate the performance of an optimized all-electric pickup truck versus similar electric vehicles operating with older technologies. Delivery of the vehicle is expected to occur in January 2006. The vehicle is being developed in cooperation with Robins Air Force Base and the Advanced Power Technology Office of the 542nd Combat Sustainment Wing.

The all-electric pickup truck will incorporate a highly efficient, low electromagnetic interference (EMI) UQM(R) electric propulsion system consisting of a 100 kW permanent magnet electric motor and a power electronic controller featuring digital signal processing (DSP) and controller area network (CAN) technology. The energy storage system will be a lithium-ion battery pack, and many of the auxiliary systems on-board the vehicle, such as the power steering and air conditioning system, will be electrically driven.

Commenting on the additional funding, William G. Rankin, UQM Technologies' President and Chief Executive Officer said, "We are pleased to see an expansion of this very important project. While hybrid vehicles continue to be our primary focus, we are excited about this opportunity to build an all-electric pickup truck that combines our highly efficient propulsion system with advanced high energy density batteries and charging system, which should dramatically improve the range capability of the vehicle without diminishing any of its performance characteristics. The ever increasing cost of fuel and ability of these advanced technologies to overcome some of the limitations of previously developed battery powered vehicles, could potentially lead to a resurgence of interest in all-electric vehicles, particularly within niche markets of interest to the Company."

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 and fuel cell electric vehicles, 42-volt 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.