• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Quantum Signs $10.2 Million Phase III Development Contract With Fisker Automotive

Posted on: Wednesday, 8 July 2009, 08:30 CDT

IRVINE, Calif., July 8 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that it has signed a $10.2 Million contract for Phase III development of plug-in hybrid powertrains for Fisker automobiles. This contract will enable Quantum to manage production validation of the Q-Drive plug-in hybrid system and ready it for volume production in 2010.

Phase III includes the continuation of engineering development and completion of validation of the powertrain and consists of high altitude, durability, hot and cold weather testing. Phase III development and validation will lead to the launch of production.

Quantum has developed an advanced version of its Q-Drive PHEV system which has been optimized to maximize the performance of the Fisker KARMA, a luxury sports sedan, and the KARMA S "Sunset," a coupe/convertible. The Quantum Q-Drive includes a gasoline powered engine/generator set which yields high efficiency with very low emissions. The lithium ion battery pack and electric traction motor drive system allow the KARMA to drive 50 miles all electrically and achieve excellent fuel economy in hybrid mode.

About Quantum

Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), 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 advanced lithium-ion battery systems, 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 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, alternative fuel, 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.

More information can be found about Quantum's products and services at http://www.qtww.com

About Fisker

Fisker Automotive is a privately owned luxury premium hybrid car company co-founded by Quantum Technologies and Fisker Coachbuild LLC, with Henrik Fisker as the CEO. The company has backing from Kleiner Perkins Caufield & Byers, Palo Alto Investors and Qatar Investment Authority. More information can be found online at www.fiskerautomotive.com.

Forward-Looking Statements

Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of hybrid vehicles, hybrid vehicle specifications, new or expanded customer contracts, the commitment of suppliers and other entities to the Karma vehicle program, future opportunities for Quantum, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; other new model platforms; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the hybrid vehicle market; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid and alternative fuel technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.

This press release includes forward-looking statements that are based on certain assumptions and reflect our current expectations and beliefs. Any statements that are not statements of historical fact should be considered to be forward-looking statements. These statements generally include 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. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. These forward-looking statements include statements regarding our ability to manage production validation of the Q Drive for the Fisker Karma, whether completion of the Phase III work will lead to production of the Fisker Karma, our plan to supply powertrains to Fisker Automotive, and other risks, some of which are discussed in our reports filed with the Securities and Exchange Commission (the "SEC") under the caption Risk Factors and elsewhere, including our annual report on Form 10-K for the fiscal year ended April 30, 2008, and our quarterly reports on Form 10-Q for the quarters ended July 31, 2008, October 31, 2008 and January 31, 2009. Any forward-looking statement is qualified by reference to these risks, uncertainties and factors. Forward-looking statements speak only as of the date of the document in which they are made and are based on the beliefs, opinions, and expectations of the Company's management as of the date they are made. These risks, uncertainties and factors are not exclusive, and Quantum undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Contact: Dale Rasmussen Investor Relations Quantum Fuel Systems Technologies Worldwide, Inc. email: DRasmussen@qtww.com 1-206-315-8242 (C)2009 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center 17872 Cartwright Road, Irvine, CA 92614 Phone 949-399-4500 Fax 949-399-4600

SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.

Source: PR Newswire

More News in this Category