Technology  May 3, 2010

Biden visit boosts UQM stock

FREDERICK – UQM Technologies Inc.’s (AMEX: UQM) stock got a 5 percent
boost on Friday as Vice President Joe Biden visited the company’s new
facility in southern Weld County.

Around 600 people were on hand at UQM’s under-construction facility to
welcome the vice president. Biden was in Colorado for a fundraising
event for Congresswoman Betsy Markey, who also spoke to the crowd.
Biden stopped at the electric motor developer to highlight how Recovery
Act dollars are being put to work to advance vehicle technology and
create jobs. UQM’s stock jumped 20 cents to $4.48 at the close of
trading on Friday.

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In August, the U.S. Department of Energy awarded UQM a $45.1 million
grant to be used to match capital investments made by the company. UQM’s
new facility, which the company plans to move into this summer, will
feature expanded manufacturing capabilities to accommodate a high-volume
electric propulsion program for the Coda Automotive electric vehicle.

“There’s no question that the stimulus program is a big deal for our
company,´ said UQM CEO Bill Rankin, pointing out that the company’s
annual revenue is only around $10 million. He added that it is orders,
not stimulus dollars, that create jobs.

UQM entered into a 10-year supply agreement last summer to provide Coda
with the propulsion system. The agreement calls for 20,000 units in the
first two years following the vehicle launch. Coda, along with several
other UQM customers, attended Friday’s event, bringing along their
UQM-equipped vehicles.

UQM expects to have 300 employees by the end of the summer, many working
on the Coda line. At full capacity in the new facility, UQM will have
2,700 employees.

Markey, Colorado Gov. Bill Ritter and Sen. Mark Udall also addressed the
crowd before Biden took the stage. Biden started his speech by
defending the Recovery Act.

“I would argue it’s already working,” he said. At the same time, he
agreed with Rankin that the important piece is not the funds, but the
innovation that leads to orders.

“Here at UQM, they get it,” he said. “The ability to lead the world has
always been about innovation and change. We’re proud to act as a
catalyst for companies like UQM Technologies.”

FREDERICK – UQM Technologies Inc.’s (AMEX: UQM) stock got a 5 percent
boost on Friday as Vice President Joe Biden visited the company’s new
facility in southern Weld County.

Around 600 people were on hand at UQM’s under-construction facility to
welcome the vice president. Biden was in Colorado for a fundraising
event for Congresswoman Betsy Markey, who also spoke to the crowd.
Biden stopped at the electric motor developer to highlight how Recovery
Act dollars are being put to work to advance vehicle technology and
create jobs. UQM’s stock jumped 20 cents to $4.48…

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