Department of Energy Agreement Modification
On December 4, 2013, UQM Technologies, Inc. (the "Company") received approval from the U.S. Department of Energy ("DOE") for the continuation of the grant (the "Grant") under the American Recovery and Reinvestment Act. The Grant was originally awarded in 2010. As requested by the DOE in July 2013, the Company submitted a revised plan that analyzed the current status of the project to date, the Company's spending level run-rates since the commencement of the Grant, and projected spending required for the remainder of the program to meet all of the objectives of the Grant. Based on the Company's request, the DOE approved this resubmitted plan that included a budget with a revised total Grant amount of $64,782,343 (compared to $90,291,068 originally awarded) and reimbursable funding to the Company for qualifying project costs incurred up to a total of $32,391,171 (compared to $45,145,534 originally awarded). The period of the Grant is through January 12, 2015. Management expects that the Company's quarterly grant reimbursements through the duration of the program will be similar to prior quarters. While the total amount reimbursable under the Grant as continued is less than the amount of the original plan in 2010, based on progress in the program and costs to date, the Company believes it can accomplish all of the objectives sought in its original 2010 plan with the reimbursable amount continuing under the Grant pursuant to the revised plan.
The Grant provides funds to facilitate the manufacture and deployment of electric drive vehicles, batteries and electric drive vehicle components in the United States. Pursuant to the terms of the Agreement, the DOE will reimburse the Company for 50 percent of qualifying costs for the purchase of facilities, tooling and manufacturing equipment, and for engineering related to product qualification and testing of the Company's electric propulsion systems.
The Company recognizes
Not on wires yet but in a filing. Should gap up over $3 Monday.
People are so stupid.