Colorado Economic Recovery and Accountability

Press Release - ARRA Accelerating Electric Vehicle Work

OFFICE OF GOV. BILL RITTER, JR.
WWW.COLORADO.GOV/GOVERNOR 

 

FOR IMMEDIATE RELEASE

FRIDAY, APRIL 30, 2010
 
CONTACT:
Myung Oak Kim, 303-947-5708, Myung.kim@state.co.us
 
GOV. RITTER THANKS THE RECOVERY ACT FOR ACCELERATING ELECTRIC VEHICLE WORK AT UQM TECHNOLOGIES AND PROJECTS ACROSS COLORADO
 
Gov. Bill Ritter today joined Vice President Joe Biden to applaud UQM Technologies for expanding operations of its electric motor factory in Longmont with the help of a $45 million grant from the American Recovery and Reinvestment Act. The company is moving into a new building that is ten times the size of its previous facility and will hire hundreds of employees this summer to work on the production line.
 

“There are countless Recovery Act success stories in Colorado and we are proud of UQM’s innovative work that is creating jobs and developing clean energy technologies,” said Gov. Ritter. “Over the last 14 months, the Recovery Act has been helping to move our economy in a healthier direction through infrastructure projects and key investments in our New Energy Economy.”
 

In August 2009, U.S. Energy Secretary Steven Chu and President Obama awarded UQM a $45.1 million grant to accelerate the manufacturing and deployment of motors and other components for electric vehicles. The award pays for 50 percent of the cost of capital improvements, equipment and certain engineering work in the expansion of the company’s production capabilities.
 

As a result of the Recovery Act grant, UQM purchased a new facility just north of its current Frederick headquarters. This building is 10 times larger than the current site. The company’s approximately 70 employees will move in this summer and begin production of motors for CODA electric sedans in August.  The CODA sedans are expected to go to market this fall.
 

This is the single largest Recovery Act grant going to a Colorado company for the purpose of expansion. The Recovery Act, signed into law in February 2009 by President Obama, is expected to bring Colorado at least $7.1 billion through more than 140 different programs, including tax cuts for most working families, increased safety net services and investment in infrastructure projects and growth industries.
 

Recipients of about one-third of all the Recovery Act funds reported that these funds paid for more than 10,300 full-time equivalent positions from January 1, 2010, through March 31, 2010. Recipients reported receiving $3.6 billion in grants and contracts, of which $929 million has been spent as of March 31, 2010.