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UQM Technologies Receives Award From the U.S. Navy for Development of a Hybrid Electric Boat.

UQM TECHNOLOGIES, INC. , a developer of alternative energy technologies, announced today that it has received a contract from the U.S. Navy to evaluate the application of hybrid electric propulsion to small military boats. The $70,000 Phase I contract was awarded by the Office of Naval Research under the Small Business Innovation Research program and will be performed over a period of six months.

"This contract represents our first award from the U.S. Navy for the potential application of hybrid electric technology in watercraft", said William G. Rankin, President and Chief Executive Officer of UQM Technologies. "We believe that hybrid electric propulsion can enhance the performance and utility of a wide range of watercraft demonstrating benefits similar to those achieved by ground vehicles including improved fuel consumption and lower emissions. We are pleased that the Navy has chosen our Company to evaluate the feasibility of applying hybrid electric technology to small military boats."

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 .

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. Important risk factors that could cause actual results to differ from those contained in the forward- looking statements include our ability to be profitable, our ability to obtain additional financing, our reliance on major customers and suppliers, our ability to commercialize our products, our ability to manage growth and the possibility that product liability insurance may become unavailable to us.

CONTACT: Donald A. French, Treasurer of UQM Technologies, Inc., +1-303-278-2002

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Publication:PR Newswire
Geographic Code:1USA
Date:Jul 9, 2003
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