UQM Technologies Announces Sale of Ownership Interest in Taiwan Joint Venture

FREDERICK, Colo., Feb. 17, 2004 -- UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, announced today that it has completed the sale of its 38 .25 percent interest in Taiwan UQM Electric Co., Ltd. to a private investor for $448,650. The transaction resulted in a gain of $64,350 after recording the realization of cumulative foreign currency losses during the period of the Company's ownership. Cash balances and shareholders equity increased by $448,650 as a result of the transaction. Pursuant to the provisions of previous agreements, the license agreement previously granted by the Company to the joint venture and their right to use the UQM(R) trademark were terminated. In addition, within six months the joint venture is obligated to change its corporate name to eliminate any reference to UQM(R) or UQM Technologies.

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.

This press 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 press 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 the development of markets for our products; the charge to earnings that will result from the sale or closure of the Company's contract electronics manufacturing business during the quarter ending March 31, 2004; the adequacy of the Company's cash balances and liquidity to meet future operating needs, and the ability of the Company to issue equity or debt securities; the expected amount of future losses from continuing operations; and the effect of legal actions and claims that the Company is involved in. 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 for the quarter ended December 31, 2003 and is available through our website at uqm.com or at sec.gov.