Longmont-based UQM Technolgies Inc (NYSE Amex:UQM), a developer of alternative energy technologies, said Monday, Aug. 23, that it named Eric Ridenour, former Chief Operating Officer of the Chrysler Group, to become the firm’s president and CEO.

Ridenour will join the UQM Sept. 1 and become CEO on Dec., the firm said.

Ridenour, a 26-year auto-industry veteran, began his career as a powertrain engineer with GM. then served 21 years in engineering and management posts at Chrysler including, from 2005 through 2007, as Chief Operating Officer and Member of the Board of Management at DaimlerChrysler AG.

Commentary on UQM

In an article titled “Tesla is not the only EV [electric vehicle] stock” on SeekingAlpha.com on July 22, 2010, Contributor Tom Konrad named UQM as a possible “speculative bet” on EV’s future, “I think Neo Material Technologies, CPS Technologies Corp, and UQM Technologies are the most likely to be good values at current prices. I’d buy any of these three before I’d buy Tesla. Of UQM he commented:

UQM Technologies [UQM] designs and manufactures electric motors and controllers for EVs and HEVs. The company has experience with electrifying everything from bikes to military vehicles to buses, cars, and trucks.UQM has a collaboration with first tier auto parts manufacturer BorgWarner (BWA) to develop electric powertrain components, and last year signed an agreement with Coda Automotive (a private California based EV maker) to supply electric propulsion systems for ten years. They have also received one of the ARRA manufacturing grants. Although UQM is not profitable and has negative cash flow, it has several years’ worth of cash on the balance sheet, and so may be able to reach profitability without further fund raising, although it will most likely continue raising money to fuel expansion to meet its rapid growth in orders. Opinion: Worth watching.

Turnaround stock, anyone? Any insider or informed insight out there?

Other articles by Bob Wells

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• Is the tree-thinning orgy winding down yet? - May 16th, 2011
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• Dogs versus cats - March 8th, 2011
• Elk in the shadow of Red Rocks - March 8th, 2011
• Getting ready for collapse with "food localization" - March 1st, 2011
• Live coverage from Cairo - January 28th, 2011
• World enviro-day draws scant Boulder crowd - October 11th, 2010
• A sun-splashed bash to dedicate CU's big new Visual Arts Complex - September 24th, 2010
• Weekend of thanks - September 19th, 2010