The Oakland Press said:By JOSEPH SZCZESNY
Of The Oakland Press
Quantum Fuel Systems Technologies Worldwide Inc., a partner in the creation of Fisker Automotive, has completed a private placement of Common Stock Units that has raised $12.3 million.
Quantum co-founded Fisker Automotive Inc., a joint venture with world-renowned automobile designer Henrik Fisker, which operates from offices in Irvine, Calif., and Pontiac where it set up an engineering center last fall. As a start-up company, Quantum depends on investment capital.
Proceeds of the stock sale, net of placement agent fees and expenses, will be used for general working capital purposes, Quantum officials said Tuesday.
Each Common Stock Unit consisted of 1,000 shares of common stock and a five-year warrant to purchase up to 100 shares of common stock. The units were priced at $612 and Quantum issued a total of 20.1 million shares and warrants to purchase 2 million shares of common stock at 85 cents per share.
Meanwhile, The Fisker Karma plug-in hybrid electric vehicle is making its German debut at the Frankfurt Motor Show next week. The four-door Karma will be one of the cleanest, most fuelefficient cars in the world, but will still offer world-class style and performance.
“The Fisker Karma is the future of driving,” said CEO Henrik Fisker.
“It proves we can drive environmentally responsible cars without sacrificing the emotional things that made us fall in love with cars in the first place.”
The Karma will be the first production Plug-in Hybrid Electric Vehicle when it goes on sale in 2010, he said.
In “stealth mode” — engaged on demand via steering wheel-mounted paddle switches — the Karma can be driven into the growing number of traffic-restricting low emissions zones across Europe. Some 70 cities and towns in eight European countries have opted for LEZs, including Berlin, Stuttgart, London and Amsterdam.
Fisker said the company is poised to benefit immensely as support from countries around the world for clean vehicles increases.
Germany recently unveiled an action plan to have 1 million electric cars on its roads by 2020 and Japan wants electric vehicles to make up half of all vehicle sales within a decade.
The Obama administration hopes the U.S. can put one million plug-in hybrid cars on its roads by 2015.
Quantum’s Q-Drive powertrain is expected to deliver an emission-free 50 miles per full charge from Lithium-ion battery, and a total extended range of 300 miles through the use of its gasoline powered engine/generator.
Calculations developed by the Society of Automotive Engineers estimate carbon dioxide output will be less than that of today’s cleanest production cars and 75 percent less than that of competing vehicles, on average, Fisker said.