Released just a few hours ago.
Quantum Press Release said:Quantum Signs Definitive Production Supply Agreement with Fisker Automotive for the Exclusive Supply of Q-Drive(TM) Plug-In Hybrid Components and Control Systems for the Fisker Karma Program
IRVINE, Calif., May 7 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today 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. Under the terms of the licensing and supply arrangement, Quantum will be the exclusive supplier of the Q-Drive™ hybrid control systems and the solar roof module. Quantum will also receive a royalty payment on each Karma sold that incorporates Quantum's Q-Drive.
The supply agreement will also provide Quantum with the opportunity to supply components and systems for future Fisker Automotive vehicle programs, upon Quantum meeting the automaker's performance, cost and delivery requirements.
The Q-Drive control and software system has evolved over several years of innovation and development at Quantum. Quantum's Q-Drive system takes full advantage of the performance potential of electric drive systems while achieving high fuel mileage and low emissions through its integrated plug-in hybrid electric design.
Quantum is continuing its test and validation of its Q-Drive system, under a funded development program with Fisker Automotive, with production expected to begin later this calendar year.
Fisker Automotive, an American green car company that Quantum co-founded, closed a Department of Energy loan for $529 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.
"We are quickly approaching the Karma production phase and are excited about commercializing our innovative Q-Drive PHEV control systems," said Alan P. Niedzwiecki, the President and CEO of Quantum. "Fisker Automotive has announced that production will begin at the end of calendar 2010 and plans on producing 15,000 Karma vehicles per year starting in calendar 2011."
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel vehicle technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners. Through its wholly owned subsidiary, Schneider Power, Inc., Quantum, is one of North America's premier renewable energy companies, with a portfolio in excess of 1,000 MW of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean.