Quantum to Begin Series Production of Solar Roof for Fisker Automotive
IRVINE, Calif., Nov. 17, 2010 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has received a $9.4 million production release for the first production series of solar roofs for the Fisker Karma. Under the release, Quantum, with affiliate Asola of Germany, will initiate volume production of the solar roofs for the Fisker Karma in early 2011.
This roof will be the largest continuous and most highly curved solar roof in a passenger car application. The Quantum/Asola unique technology enables integration of solar cells in this extreme curvature, while maintaining very long life under demanding automotive conditions.
"Quantum is proud to be supporting Fisker by providing key components to enable the high performance, luxury Karma vehicle to excel in fuel economy and performance. We are thrilled to be supplying a state-of-the-art solar roof to Fisker Automotive and continuing to support Fisker in the commercialization of the Karma," said Alan P. Niedzwiecki, the President and CEO of Quantum.
Fisker Automotive, the green American 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., 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 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, plugin hybrid electric, fuel cell, and natural gas 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 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:
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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