Quantum Fuel Systems: Pre-Production Contract
Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum") announced that it has received a contract for engineering and implementing production tooling for the Fisker Karma solar photovoltaic roof module. Under this contract Quantum and its German solar affiliate Asola Advanced and Automotive Solar Systems GmbH ("Asola") will design and procure production tooling to enable production of solar roof modules beginning in Q4 2010. Under the terms of an already executed supply arrangement, Quantum will be the exclusive supplier of solar roof modules for the Fisker Karma.
Quantum and Asola have developed one of the largest monolithic automotive solar roofs in the world that involves complex double curvature, for the Karma. The Quantum-Asola team has developed proprietary technologies and processes to integrate high efficiency solar cells on extreme curvature substrates, while ensuring product durability under the demanding automotive service conditions. The solar roof module is designed to generate approximately 130 watts of clean renewable electricity, that helps keep Karma's interior cool while parked in the sun, and trickle charge a 12V ancillary battery when the car is parked for long durations.
"This large solar photovoltaic roof is a signature feature of the Fisker Karma luxury high performance plug-in hybrid electric sedan," said Alan P. Niedzwiecki, the President and CEO of Quantum.
"We are pleased that Fisker Automotive is quickly moving this technology forward to production by the end of this year, and plan to ramp up to volume production starting in early calendar year 2011," said Reinhard Wecker, founder and CEO of Asola.
In May, 2010, Quantum announced that it has signed a definitive Supply Agreement with Fisker Automotive to supply key components and control systems for the Q-Drive™ powertrain system that is being incorporated in the Fisker Karma. Quantum will also receive a royalty payment on each Karma that incorporates Quantum's Q-Drive. Fisker Automotive, an American green car company that Quantum co-founded, closed a Department of Energy loan for $528.7 million in April 2010. This DOE loan to Fisker will be used for the development and production of two models of plug-in hybrid electric vehicles, including the Karma, a four door sports sedan, and a line of family-oriented models being developed under Fisker's Project Nina program.
Quantum Fuel Systems Technologies Worldwide, Inc. is a fully integrated alternative energy company. Quantum's wholly owned subsidiary, Schneider Power Inc., complements Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum's products and services at http://www.qtww.com/.
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, and specialized spherical modules for automotive applications. Asola is presently developing for Fisker Automotive's Fisker Karma vehicle, the most spherically-bent solar car roof in the world. More information can be found at http://www.asola-power.com/.
About Fisker Automotive:
Fisker Automotive, co-founded by Quantum and Fisker Coachbuild, is a privately owned, premium American car company with a vision to lead the automotive industry into the next-generation of automobiles with high-end design expertise and eco-friendly powertrain technology. Global headquarters is in Irvine, California, USA. The company was created in 2007 to leverage the design capabilities of Fisker Coachbuild, LLC, founded by auto design veterans Henrik Fisker and Bernhard Koehler, and the PHEV powertrain capabilities of Quantum Fuel Systems Technologies Worldwide, Inc. Previously, Fisker, CEO, was design director for Aston Martin and president and CEO of BMW's DesignworksUSA. Koehler, COO, led operations for Ford's Global Advanced Design Studio and created concept cars for Aston Martin, MINI and BMW. More information can be found about Fisker Automotive at www.fiskerautomotive.com
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether Fisker will be able to produce the planned number of units per year, the timing of production, whether Quantum is able to meet Fisker Automotive's price, performance, quality and delivery requirements for the Fisker Karma platform or any other vehicle platforms, and whether Quantum is chosen as the supplier of components for any future Fisker Automotive vehicle platforms. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
More information can be found about Quantum's products and services at www.qtww.com or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.