UQM UQM Technologies Inc

UQM Technologies Propulsion System to Power Electric Transit Bus Being Developed in Japan Waseda University Electric Transit Bus Development Sponsored by Prominent Corporate Partners FREDERICK, Colo., March 8 /PRNewswire-FirstCall/ -- UQM TECHNOLOGIES, INC. , a developer of alternative energy technologies, announced today that its PowerPhase(TM) 75 propulsion system will power an electric transit bus being developed by Japan's Waseda University in collaboration with corporate sponsors Mitsui Engineering and Shipbuilding Company, Toshiba Engineering, Hino Motors Ltd. and Tokyo Electric Power Co., Inc. The electric transit bus is expected to be placed in service on a route linking the Waseda University campus to a nearby transit stop for the Shinkansen bullet train. As part of the project, Waseda University is also developing a battery charging system for the electric bus that will be powered principally from renewable energy resources such as solar and wind power. "We are pleased to add Waseda University, one of the most prestigious and influential technical universities in Japan, and their blue chip roster of sponsoring Japanese companies to the expanding list of customers who have selected UQM(R) propulsion systems for their advanced vehicle development activities. Our propulsion systems are ideally suited to power electric vehicles of this class and our exceptional energy efficiency will help ensure that the electric bus delivers the maximum miles of service possible between battery charges," said William G. Rankin, President and Chief Executive Officer of UQM Technologies, Inc. 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 http://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 ourplans, 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; the charge to earnings that will result from the sale or closure of the Company's contract electronics manufacturing business during the quarter ending March 31, 2004; the adequacy of the Company's cash balances and liquidity to meet future operating needs, and the ability of the Company to issue equity or debt securities; the expected amount of future losses from continuing operations; and the effect of legal actions and claims that the Company is involved in. Important Risk Factors that could cause actual results to differ from those contained in theforward-looking statements are contained in our Form 10-Q for the quarter ended December 31, 2003 and is available through our website at uqm.com or at sec.gov. DATASOURCE: UQM Technologies, Inc. CONTACT: Donald A. French, Treasurer of UQM Technologies, Inc., +1-303-278-2002 Web site: http://www.uqm.com/

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