UQM Technologies Receives European Patent Covering Phase Timing Advancement of Permanent Magnet Electric Motors

European Patent Expands Protection of U.S. Patent Granted in 1998 on Critical Technology for Vehicle Propulsion Applications

FREDERICK, Colo., Aug. 3 -- UQM TECHNOLOGIES, INC. (AMEX:UQM) , a developer of alternative energy technologies, announced today that it has been granted a European patent on its proprietary method of phase timing advancement for permanent magnet electric motors. A U.S. Patent on this proprietary method of achieving both high torque and high speed from a permanent magnet motor was issued in 1998. This technology is particularly valuable in vehicle propulsion applications where it enables the propulsion motor to deliver quick acceleration at low speed and deliver constant power at increasing speeds enabling a vehicle to go from zero to highway speeds without the use of a transmission.

"This critical invention, which was patented in the United States in 1998, was a major breakthrough for our Company at the time and continues to be critically important to the performance of our vehicle propulsion systems. We are extremely pleased to have expanded the protection of this proprietary technology to numerous industrial countries in Europe. In addition to the expanded patent protection granted on this technology, we expect to further extend the protection of our technology portfolio by filing an additional patent application on our new method of motor control, which nearly doubles the constant power output of our propulsion systems and also improves peak power, torque, and system efficiency," said William G. Rankin, UQM Technologies' President and Chief Executive Officer.

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.

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 and the adequacy of the Company's cash balances and liquidity to meet future operating needs. 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 June 30, 2004 and is available through our website at www.uqm.com or at www.sec.gov.