Wednesday, August 5, 2009

UQM Technologies Gets $45.1M From Battery Stimulus

Frederick, Colorado-based UQM Technologies, which develops electric motors, generators and power electronic controllers for the automotive, aerospace, and other industries, is receiving $45.1M from the Department of Energy's $2.4 billion in stimulus for the electric vehicle battery industry. The DOE just announced its awardees for the stimulus funds, part of its Recovery Act Awards for Electric Drive Vehicle Battery and Component Manufacturing Initiative. The DOE said UQM will use the funds to establish propulsion systems into a volume manufacturing environment. UQM recently announced a deal with electric vehicle firm Coda Automotive to supply propulsion systems for Coda's sedans.