UQM Technologies Inc., a small-town company in Frederick, is now playing with the big boys in the electric-car industry.
Last week, UQM scored $45.1 million from the U.S. Department of Energy to ramp up production of motors it makes for electric vehicles.
It joined big-name companies such as General Motors, Ford and Delphi Automotive Systems in receiving the government funding. The Obama administration awarded 48 companies a total of $2.4 billion in stimulus money to accelerate the manufacturing and deployment of electric vehicles, batteries and components.
“We are a fairly small company and don’t have the advantages of a lot of the big guys,” UQM chief executive William Rankin said. “We had our minds set that we weren’t going to receive the award, so we were surprised.”
The publicly traded company employs 60 people, and its 2008 sales were $7.5 million. Rankin said the DOE money will allow it to add workers.
“It’s most gratifying because we earned it. There’s no gift here; we’ve been at this a long time,” said Rankin, who joined the company in 1992.
Larry Burkhardt, president of Upstate Colorado Economic Development Corp., said the company might represent the future of new technologies.
“We’ll find out as things progress,” he said. “But certainly the infusion … in capital ought to go a long way toward the promotion of electric vehicles in our area.”
UQM was founded in 1967 to fabricate fiberglass component parts for aircraft and kit cars.
Over the years, it has made several advancements, including the development of a battery-powered electric car and the creation of magnet motor technology.
The company’s propulsion systems are used to power Denver RTD MallRide hybrid electric buses.
California-based Coda Automotive recently ordered 20,000 UQM propulsion systems for its electric car, which is slated to be sold first in California in 2010.
The deal is probably the biggest order in the electric-vehicle industry and is worth more than $50 million, Rankin said.
Coda chief executive Kevin Czinger praised UQM at the company’s annual shareholders meeting Tuesday.
“These guys have a great team with a technology that we think is about 18 to 24 months ahead of anybody else in terms of being a proven technology,” he said.
Sara Castellanos: 303-954-1381 or scastellanos@denverpost.com
