Wednesday, January 20, 2010

UQM Gets $45.1M Energy Grant

Frederick, Colorado-based UQM Technologies, a developer of high efficiency electric motors, generators, and other components for the automotive, aerospace, military, and industrial market, reported today that it has received a $45.1M, cost-shared grant from the United State Department of Energy. The firm said the money came from the American Reinvestment and Recovery Act (ARRA), and will go to accelerate the manufacturing and deployment of electric vehicles, batteries and components. According to UQM, the grant will give it reimbursement of 50 percent of qualifying expenditures for purchase of facilities, tooling, and manufacturing equipment, as well as product qualification and testing. UQM said it the award is being applied to is work on high volume production of its electric propulsion systems for electric auto maker Coda Automotive.