UQM Technologies Unit Sells Corporate Headquarters Building for $3.0 Million

    GOLDEN, Colo., Feb. 1 UQM Technologies, Inc. (Amex: UQM)
announced today that Unique Building Partners, Ltd. Liability Co. ("UBPL"),
which is 50 percent owned by the Company, has sold its principal asset, UQM
Technologies' headquarter building in Golden, Colorado, to the other
50 percent owner of UBPL for $3.0 million in cash.  UQM Technologies' current
lease on the facility runs through September 2002 at which time it has the
option to extend the lease for an additional term of five years at the then
prevailing market lease rate.  Cash proceeds to UQM Technologies from the
transaction amounted to approximately $1.2 million.  Recognition of gain on
the transaction of $.8 million will be deferred as a result of the Company
continuing to lease the facility.
    Commenting on the transaction, Donald A. French, UQM Technologies'
Treasurer and Chief Financial Officer said,  "The sale of our interest in this
real estate allows us to benefit from the recent escalation of real estate
values in the Denver metropolitan area.  Cash proceeds from the sale will be
used to meet the working capital requirements of our rapidly expanding core
business and to reduce long-term debt."

    UQM Technologies, Inc. is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the automotive, aerospace, telecommunications, medical and industrial markets.
A major emphasis of the Company is developing products for the alternative
energy technologies sector including power systems for electric, hybrid
electric and fuel cell electric vehicles, 42 volt vehicle auxiliaries and
distributed power applications.   The Company's headquarters and engineering
and product development center are located in Golden, Colorado.  Manufacturing
facilities are located in Frederick, Colorado (electric motors and gear
assemblies) and St. Charles, Missouri (electronic assemblies and wire
harnesses).  For more information on the Company, please visit its worldwide
website at http://www.uqm.com.

    This press release contains forward-looking statements that involve risks
and uncertainties.  These statements may differ materially from actual future
events or results.  Readers are referred to the Risk Factors section of the
Registration Statement on Form S-3 (File No. 333-78525) filed by the Company
with the SEC, which identifies important risk factors that could cause actual
results to differ from those contained in the forward-looking statements,
including the Company's ability to be profitable, its ability to obtain
additional financing, the Company's reliance on major customers and suppliers
and the possibility that product liability insurance may become unavailable.
These forward-looking statements represent the Company's judgment as of the
date of the press release.  The Company disclaims, however, any intent or
obligation to update these forward-looking statements.