UQM Technologies Announces the Signing of a Definitive Stock Purchase Agreement with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”), Parent Company of Sinotruk, a Leading Chinese Commercial Vehicle Manufacturer

• CNHTC owns a majority of Sinotruk (Hong Kong) Limited (“Sinotruk”), a
  leading, multi-billion dollar global manufacturer of heavy and
  light-duty commercial trucks and buses, and related key vehicle parts
  and components.
• The transaction will take place in two stages: the first stage having
  CNHTC purchase a 9.9% ownership in UQM for approximately $5.1 million,
  and the second stage, after required approvals, increasing the
  ownership to 34% of UQM on a fully diluted basis for approximately
  $23.2 million.
• UQM and CNHTC plan to form a joint venture in China to support
  Sinotruk in the commercial vehicle electrification market along with
  supply to other Chinese customers.
• The second stage is subject to approval by the shareholders of UQM and
  clearance from the Committee on Foreign Investment in the
  United States (“CFIUS”).
• Upon closing of the second stage, CNHTC will have the right to
  nominate up to three of eight total directors to UQM’s board of
  directors.

LONGMONT, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE MKT: UQM) announced today that it
has entered into a definitive stock purchase agreement (“Agreement”)
with China National Heavy Duty Truck Group Co., Ltd. through its wholly
owned subsidiary, Sinotruk (BVI) Limited (collectively, “CNHTC”), the
parent company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading
Chinese commercial vehicle manufacturer, and that UQM and CNHTC plan to
create a joint venture (“JV”) to manufacture and sell electric
propulsion systems for commercial vehicles and other vehicles in China.
CNHTC has headquarters in Jinan, China. CNHTC’s investment and creation
of the JV is planned to occur in two stages. First, CNHTC will acquire
newly issued common shares of UQM, resulting in a 9.9% ownership
interest of common shares issued and outstanding. This is expected to
close within 30 days of signing of the Agreement. Second, CNHTC will
acquire additional newly issued common shares resulting in CNHTC owning
a total of 34% of UQM’s issued and outstanding common stock on a fully
diluted basis. The purchase price is $0.95 per share, which represents a
15% premium over the 30-day closing price average for the period ending
on the last trading date before signing. The total transaction will
bring approximately $28.3 million in cash to UQM. The terms of the
Agreement were unanimously approved by the boards of directors of both
companies. UQM shareholders will continue to hold their shares in UQM,
and UQM stock will continue to be traded on the NYSE MKT.

The Agreement is subject to usual and customary closing conditions, and
closing of the second stage will require approval by UQM’s shareholders
representing a majority of UQM’s voting shares. Closing is expected to
occur as soon as possible following shareholders’ approval and receipt
of approval from the Committee on Foreign Investment in the United
States (“CFIUS”) and the required Chinese regulatory authorities. The
parties expect the closing will occur in December 2017.

As part of the Agreement, the parties have agreed that following the
closing, CNHTC will have the right to nominate up to three of eight
total directors to UQM’s board of directors with one CNHTC
representative expected to be elected as the Chairman of the Board.

CNHTC is the parent company of Sinotruk (Hong Kong) Limited
(“Sinotruk”), a leading heavy-duty commercial vehicle manufacturer in
China and one of the largest commercial vehicle groups in the world. In
addition to heavy and light-duty commercial trucks and buses, they also
manufacture key parts and components such as engines, cabins, axles,
steel frames, and gearboxes. In Sinotruk’s annual report for the year
ended December 31, 2016, Sinotruk reported audited revenues from these
vehicles, parts, and components of US$4.9 billion. They also reported
shipping over 172,000 commercial vehicles and over 106,000 engines.
Sinotruk has over 25,000 employees.

After the closing of the Agreement, UQM and CNHTC intend to form a joint
venture for the manufacture and sales of electric propulsion systems in
China. The parties expect Sinotruk to be a significant purchaser of
electric drive trains from the JV for Sinotruk’s commercial vehicles and
other customers will be identified for sales as well.

“After a long and thorough process to find the right strategic partner
to enter the China market and expand globally, we are thrilled to be
joining forces with CNHTC,” said Joe Mitchell, President and CEO of UQM.
“Finding a strong strategic partner in Asia has been a major priority
for UQM with our potential partner meeting three key criteria: 1)
provide the necessary capital to allow us to enter the China market; 2)
provide the infrastructure to support our continuing product development
and operations; and 3) provide access to customers in China to grow our
business. In all respects, CNHTC definitely meets all of these criteria.
We believe CNHTC’s size, global presence, and experience in commercial
vehicles and desire to become a major player in the new energy market in
China will enable us to accelerate our strategic initiatives and also
makes us a much stronger company, creating long-term shareholder value.
This alliance provides UQM with access to the largest electric vehicle
market in the world and provides us with a much stronger competitive
position in the global market for electric vehicles. We believe our
shareholders, customers and employees will all benefit from this
alliance, as it should put us in a position to fully capitalize on our
world class products and technology in the rapidly expanding
transportation electrification market.”

"Vehicle electrification is the future and we are delighted to bring UQM
technology and capabilities into the CNHTC organization," said Mr. Ma
Chunji, Chairman of CNHTC. "UQM has developed some of the world’s
leading electric propulsion systems and has a team of talented people
which is key to developing leading edge technologies. We are excited
about UQM's future growth prospects and the value that each party brings
to the new alliance."

Advisors

BDA Partners is acting as financial advisor, and Snell & Wilmer L.L.P.
as US legal advisor to UQM. Ellenoff Grossman & Schole LLP serves as US
legal advisor to CNHTC on this transaction.

Conference Call

Joe Mitchell, UQM Chief Executive Officer, and David Rosenthal, UQM
Chief Financial Officer, will host a conference call for analysts and
investors today, August 28, 2017 at 4:30 p.m. (ET) to discuss this
announcement in further detail. To join this conference call, please
dial 1-888-241-0326 approximately ten minutes before the conference is
scheduled to begin and provide the passcode “77423478” to access the
call. International callers should dial 1-647-427-3411. For anyone who
is unable to participate in the conference, a recording will be
available for 7 days beginning at 7:30 p.m. Eastern Time tomorrow. To
access the playback call 1-855-859-2056 and enter replay code
“77423478#”. International callers should dial +1-404-537-3406.

About UQM

UQM Technologies is a developer and manufacturer of power-dense,
high-efficiency electric motors, generators, power electronic
controllers and fuel cell compressors for the commercial truck, bus,
automotive, marine, and industrial markets. A major emphasis for UQM is
developing propulsion systems for electric, hybrid electric, plug-in
hybrid electric and fuel cell electric vehicles. UQM is TS 16949 and ISO
14001 certified and located in Longmont, Colorado.

About China National Heavy Duty Truck Group Co., Ltd. and Sinotruk
(Hong Kong) Limited

China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”) is the parent
company of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading
heavy-duty commercial vehicle manufacturer in China and one of the
largest commercial vehicles groups in the world. Its products are
distributed in over 90 countries worldwide, including in South America,
Africa, Southeast Asia, the Middle East, Ireland and Australia, among
many others.

Since its founding in 1950, CNHTC has had a long and successful history
cooperating with international partners in developing new products and
markets in China and elsewhere, including Steyr of Austria, MAN SE of
Germany, and Cargotec of Finland. CNHTC has two subsidiaries listed on
the Shenzhen Stock Exchange and the Hong Kong Stock Exchange,
respectively.

Forward-Looking Statements

This Release contains statements that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act. These statements appear in a
number of places in this Release and include statements regarding our
plans, beliefs or current expectations; including those plans, beliefs
and expectations of our management with respect to, among other things:
(i) the receipt and timing of required approvals and satisfaction of
other significant conditions to the closing of the transaction with
CNHTC, (ii) the failure to reach binding or definitive agreement between
the parties regarding the potential formation of the joint venture;
(iii) UQM’s ability to successfully gain access to the Chinese electric
vehicle market as a result of the anticipated joint venture transaction;
(iv) uncertainties as to the future operating and financial condition of
the joint venture; (v) difficulties or unanticipated expenses in
connection with forming or operating the joint venture; (vi) the risk
that the potential transactions disrupt our other operations, including
the potential loss of any existing customer or supplier relationships in
China or globally; (vii) UQM’s ability to secure the anticipated
benefits of the investment and the potential JV for its shareholders,
customers, and employees, and (viii) the impact of any changes in
general economic and market conditions. Closing of the
transaction is subject to the receipt of necessary approval from UQM’s
shareholders, and approval from U.S. and Chinese governmental
authorities. Other important Risk Factors that could cause actual
results to differ from those contained in the forward-looking statements
are contained in our Form 10-KT and Form 10-Q’s, which are available
through our website at www.uqm.com
or at www.sec.gov.

Additional Information and Where to Find It

This communication does not constitute a solicitation of any vote or
approval. This communication relates to a proposed issuance and sale of
stock by UQM to China National Heavy Duty Truck Group Co., Ltd.
(“CNHTC”) that will result in CNHTC obtaining a minority ownership
interest in UQM common stock. In connection with this proposed
transaction, UQM may file one or more proxy statements or other
documents with the SEC. This communication is not a substitute for any
proxy statement or other document UQM may file with the SEC in
connection with the proposed transaction. INVESTORS AND SHAREHOLDERS OF
UQM ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY
BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Any
definitive proxy statement(s) (if and when available) will be mailed to
shareholders of UQM. Investors and shareholders will be able to obtain
free copies of these documents (if and when available) and other
documents filed with the SEC by UQM through the website maintained by
the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by UQM will be available free
of charge on the Company’s internet website at www.uqm.com
or by contacting the Company’s corporate secretary’s office at 4120
Specialty Place, Longmont CO 80504 or by calling (303) 682-4900.

Participants in Solicitation

UQM, its directors and certain of its executive officers may be
considered participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the persons who
may, under the rules of the SEC, be deemed participants in such
solicitation in connection with the proposed merger will be set forth in
the proxy statement if and when it is filed with the SEC. Information
about the directors and executive officers of UQM is set forth in UQM’s
Annual Report on Form 10-KT for the transitional nine-month period ended
December 31, 2016 and other reports and statements filed with the SEC,
including UQM’s Quarterly Reports on Form 10-Q and UQM’s Current Reports
on Form 8-K.

These documents can be obtained free of charge from the sources
indicated above. Additional information regarding the participants in
the proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in the
proxy statement and other relevant materials to be filed with the SEC
when they become available.

Source: UQM Technologies, Inc.

Contacts

EnergyTech Investor, LLC
Shawn Severson, 415-233-7094
or
UQM
Technologies, Inc.
David Rosenthal, 303-682-4900