Quantum signs LOI as exclusive supplier for Karma

Fisker Buzz said:

Irvine, CA – January 20, 2010 – Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) announced today that it has entered into a letter of intent with Fisker Automotive that outlines the terms of a production and licensing agreement for the Fisker Karma Program. Under the supply arrangement, Quantum will be the exclusive supplier of the Q-DriveTM hybrid control systems including the hybrid controller and Quantum’s proprietary hybrid control software, the inverters and Quantum’s proprietary motor control software, on-board charger and control systems, the DC-DC converter and the solar roof module, subject to Quantum meeting the required price, performance, quality and delivery specifications. Quantum would also receive a royalty payment on each Karma sold that incorporates Quantum’s Q Drive. The definitive supply agreement, once finalized, is subject to approval by the Department of Energy.

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