Colorado Gov. Ritter Congratulates UQM Technologies For Landing $45M Grant

August 5, 2009 -- Colorado Governor Bill Ritter today congratulated Frederick-based UQM Technologies for securing a $45.1 million Recovery Act grant to advance the research and production of the company's electric and hybrid-electric vehicle propulsion systems.

UQM (NYSE Amex: UQM) was the only Colorado company to land any of the $2.4 billion in competitive grants awarded today by the U.S. Department of Energy as part of the Recovery Act's Advanced Battery Manufacturing Initiative. The awards are going to 48 companies and research institutions working on the manufacturing and deployment of electric vehicles, batteries and components.

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"Congratulations to UQM Technologies," Gov. Ritter said. "All of Colorado is proud of the company's tremendous accomplishment.

"As essential drivers of Colorado's New Energy Economy, companies like UQM Technologies are leading America forward. American ingenuity, innovation and manufacturing hold the keys to our economic recovery," Gov. Ritter said. "Colorado's New Energy Economy and companies like UQM -- fueled by strategic investments from the Recovery Act -- are creating a model and a template for a new energy future."

Founded in 1967, UQM employs about 60 people at its 36,000-square-foot facility in Frederick.

Colorado State University also secured a $5 million grant.

"CSU has become an integral part of Colorado's energy future," Gov. Ritter said. "Today's grant announcement is further testament to the work being done at our research institutions."

Source: Colorado Governor