FORM 4

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

____Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b)

1. Name and Address of Reporting Person

Hugen, Richard L.

7501 Miller Drive

Frederick, CO 80530

2. Issuer Name and Ticker or Trading Symbol

UQM Technologies, Inc. (UQM)

3. IRS or Social Security Number of Reporting Person (Voluntary)

N/A

4. Statement for Month/Year

September, 2002

5. If Amendment, Date of Original (Month/Year)

N/A

6. Relationship of Reporting Person to Issuer

Officer: Vice President Marketing and Sales

TABLE I-Non-Derivative Securities Acquired, Disposed Of, or Beneficially Owned

1. Title of Security (Instr. 3)

Line 1 - Common Stock

2. Transaction Date (Month/Day/Year)

Line 1 - September 30, 2002

3. Transaction Code (Instr. 8)

Line 1 - Code: M; V: Voluntary

4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

Line 1- A: 1,024 Shares; $3.05 Per Share

5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)

3,727 Shares.

6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)

All Holdings are Direct

7. Nature of Indirect Beneficial Ownership (Instr. 4)

N/A

TABLE II-Derivative Securities Acquired, Disposed Of, or Beneficially Owned (e.g., Puts, Calls, Warrants, Options, Convertible Securities)

1. Title of Derivative Security (Instr. 3)

Line 1 - Call Option

2. Conversion or Exercise Price of Derivative Security

Line 1 - $3.05 Per Share

3. Transaction Date (Month/Day/Year)

Line 1 - September 30, 2002

4. Transaction Code (Instr. 8)

Line 1 - Code: M; V: Voluntary

5. Number of Derivative Securities Acquired (A) or Disposed of(D)

(Instr. 3, 4 and 5)

Line 1 - D: 1

6. Date Exercisable and Expiration Date (Month/Day/Year)

Line 1 - Date Exercisable: September 30, 2002; Expiration Date: September 30,

2002

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

Line 1 - Title: Common Stock; Amount: 1,024 Shares

8. Price of Derivative Security (Instr. 5)

Line 1 - N/A

9. Number of Derivative Securities Beneficially Owned at End of Month (Instr. 4)

Call Options on 70,000 Shares

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

70,000 Shares Direct

11. Nature of Indirect Beneficial Ownership (Instr. 4)

N/A

Explanation of Responses: N/A

**Intentional misstatements or omissions of facts constitute Federal Criminal

Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)

/s/Richard l. Hugen
**Signature of Reporting Person  October 1, 2002
Date