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(h) of the Investment Company Act of 1940	OMB APPROVAL
[   ]Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).		OMB Number _________ Expires: ________________ Estimated average burden hours per response .... 0.5
(Print or Type Responses)

1. Name and Address of Reporting Person*					2. Issuer Name and Ticker or Trading Symbol		6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
Hugen (Last)	Richard (First)		L. (Middle)		UQM Technologies, Inc. (UQM)		____ Director __X__ Officer (give title below)  Vice President Marketing and Sales	___ 10% Owner ___ Other (specify below)
7501 Miller Drive (Street Address)					3. IRS Identification Number of Reporting Person, if an entity (Voluntary) N/A	4. Statement for Month/Day/Year 01/02/03
Frederick (City)		CO (State)		80530 (Zip)
						5 If Amendment, Date of Original (Month/Day/Year)	7. Individual or Joint/Group Filing (Check Applicable Line)
							____  Form filed by One Reporting           Person ____  Form filed by More Than One           Reporting Person
Table 1 - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security        (Instr. 3)	2.Transaction Date (Month/ Day/Year)	2A.  Deemed Execution Date, if any (Month/ Day/ Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)				5. Amount of Securities Beneficially Owned Following Reporting Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)		Price
Common Stock	N/A	N/A	N/A	N/A	N/A		N/A	N/A	3,727	D	N/A

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Control number.

1. Title of Derivative Security (Instr. 3)

2. Con- version or Exercise Price of Derivative Security

3. Trans- action Date (Month/ Day/ Year)

3A. Deemed Execution Date, if any (Month/ Day/ Year)

4. Trans- action Code (Instr. 8)

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

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

7. Title and Amount of Underlying Secu- rities (Instr. 3 and 4)

8. Price of Deri- vative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Own- ership Form of Derivative Security Direct (D) or Indirect (I) (Instr. 4)

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

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Code

V

(A)

(D)

Call Option

$2.33

1/02/03

A

X

1

3/31/03

3/31/03

Common Stock

1,341

N/A

71,341 Call Options

D

N/A

Explanation of Responses:

** 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       1/2/03   
        Date

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.