UQM Technologies (UQM +10.5%) receives DoE approval for the continuation of its electric motor development grant under the American Recovery and Reinvestment Act.
After submitting a revised plan in July upon the DoE's request, the company has received a revised total grant amount of $64.8M (from $90.3M originally) and reimbursable funding for qualifying project costs of up to $32.4M (from $45.1M previously). The renewed grant runs through Jan. 2015.
Although the budget has been reduced, UQM believes it can "accomplish all of the objectives sought in its original 2010 plan." (8-K)