UQM Technologies, Inc. (the “Company”) (NYSE Amex:UQM), a developer of alternative energy technologies, announced the pricing of its previously announced underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $4.00 per share. In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. is acting as the sole book-running manager for the offering and Thomas Weisel Partners LLC and JMP Securities LLC are acting as co-managers.

The offering will result in gross proceeds of $30.0 million and net proceeds, after deducting underwriting discounts and commissions and other offering expenses are expected to be approximately $27.6 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $31.8 million. The offering is subject to customary closing conditions and is expected to close on Wednesday, October 28, 2009.

The Company plans to use the net proceeds from this offering to expand manufacturing capacity, match funds for the Department of Energy Award under the American Recovery and Reinvestment Act, and for working capital and general corporate purposes.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on July 30, 2009. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. When available, copies of the prospectus supplement relating to this offering may be obtained by contacting Piper Jaffray & Co. at 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402 or by calling (800) 747-3924.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the shares of common stock. Furthermore, UQM Technologies will not sell any of the shares of common stock and has been advised by Piper Jaffray & Co. that the underwriters and their affiliates will not sell any of the shares of common stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares under the securities laws of any such state or jurisdiction.

About 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, 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, plug-in hybrid electric and fuel cell electric vehicles, 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 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 Release and include statements regarding our plans, beliefs or current expectations, including our common stock continuing to be traded on the exchanges where it is currently listed. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in the preliminary prospectus supplement relating to this offering filed October 22, 2009, which is available through our website at www.uqm.com or at www.sec.gov.