Investing Recovery Act - UQM Technologies Inc

The US government is pushing for wide EV (Electric Vehicle) deployment and as a result many companies are benefiting from the extra funding from the Recovery Act including ECOtality and Johnson Controls.  Another company that received million dollar funding from the Recovery Act is the Colorado based UQM Technologies Inc.


UQM Technologies Inc is focusing on developing the propulsion system of electric vehicle.  UQM Technologies Inc   received $45 million grant from Recovery Act through the Department of Energy's Vehicle Technologies Program and will used part of the grant for the $7.5 million facility in Longmont, Colorado and be able to produce 80 propulsion systems a day.  The rest of the funding will be used for advance research and production of electric and hybrid-electric vehicle propulsion systems.  By next year the UQM Technologies Incwould add additional 230 jobs and increase its workforce to total of 300.


UQM Technologies Incis trading on AMEX under the symbol UQM.  The stock unfortunately has not been doing well for the year and is currently trading at $2.6, far below 52 weeks high of $7.45.  The company was still losing money and was still selling shares to keep a healthy cash position.  The stock is off the 52 weeks low and is trading near 20 day moving average and 50 day moving average.  UQM Technologies Inc  is still waiting for the EV hype to boost its stock performance but don't expect too much movement till end of this year as EV begins to roll out.