UQM Technologies granted patent for new electric-motor design

LONGMONT — UQM Technologies Inc. (NYSE: UQM) announced Tuesday that it received a U.S. patent for its electric- and hybrid electric-motor design that uses magnets made with non-rare earth materials.

The majority of electric and hybrid electric vehicles use motors with magnets made with rare-earth materials.

Eric R. Ridenour, UQM’s president and chief executive, said the new technology provides an option to use either rare or non-rare earth materials that will reduce the company’s exposure to the price and political volatilities of rare-earth magnets.

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“We are now in the prototype stage, and the first samples are meeting our objectives, providing us with the validation to move into the next phase of development,” he said.

The patent covers a rotor design that enables the use of non-rare earth magnets and avoids the demagnetization issues that would occur with these magnets if used in current motor designs. The patent covers the magnet geometry and the method of manufacturing the motor.

UQM recently received a $4 million grant from the Department of Energy Advanced Research and Development that is being used on the non-rare earth motor designs.

UQM, with operations east of Longmont in Weld County, manufactures electrical motors, generators and hybrid systems for passenger and commercial vehicles. Its stock was trading at 89 cents per share midday Tuesday. Its stock price has fluctuated from 71 cents to $3.45 per share during the past 52 weeks.