UQM Technologies to Hold Conference Call Wednesday, May 28, 2003 4:30 P.M. Eastern Time

FREDERICK, Colo., May 23, 2003 -- UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, will hold a conference call with members of the investment community on Wednesday, May 28, 2003, at 4:30 p.m. Eastern Time. To participate in the call dial 1-415-537-1862 approximately 10 minutes before the conference is scheduled to begin.

William G. Rankin, UQM Technologies' President and Chief Executive Officer and Donald A. French, Treasurer and Chief Financial Officer, will be reviewing the Company's operating results for the quarter and fiscal year ended March 31, 2003.

For anyone who is unable to participate in the conference, access to a recording will be available for 48 hours following the call. Dial 800-633-8284 and give reservation number 21145077 to access the playback. For International callers, dial 402-977-9140. Please allow four hours from the time of the conference call for initial setup before access.

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, telecommunications, medical, military 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 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. Its electronic products manufacturing facility is located in St. Charles, Missouri. For more information on the Company, please visit its worldwide website at www.uqm.com.