IRVINE, Calif., Jan. 19 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), today announced that it has entered into a professional services agreement with the City of Los Angeles Department of Water and Power ("LADWP") as a "qualified supplier", one of 12 companies selected among 109 bid participants. The agreement sets forth the terms by which LADWP would procure the materials and services necessary for solar power projects, as part of Los Angeles' mandated Renewable Portfolio Standard (RPS), which targets 20% of the energy for the City from renewable energy sources by 2010, and 35% of the energy from renewable energy sources by 2020.
The Board of Directors of LADWP passed a resolution authorizing the agreement with Quantum, and the other 11 qualified suppliers, for the procurement of materials and professional services for the initial three year effort in support of the RPS, at a maximum cost of $455 Million, with the goal of installing 200 MW of solar capacity by 2012. The LADWP will issue individual Task Order Proposals to the qualified suppliers for competitive procurement of solar photovoltaic modules, all associated materials, tools, and equipment, and for professional services which include solar power system design and solar power system related training for LADWP personnel, for LADWP facilities and other Los Angeles City properties located in, but not limited to, areas throughout California, Nevada, Arizona, and Utah.
"We applaud the City of LA and the DWP for their progressive vision and strategic plan to expand the role of clean renewable energy in the largest municipal utility in the nation," said Alan P. Niedzwiecki, the President and CEO of Quantum. "We are excited to be selected as a qualified supplier for this important project, after months of review and diligence process by the LADWP staff experts and their active Board. This project will help to create much needed jobs in Los Angeles, as Quantum draws employees from the Southern California region."
Quantum recently announced that it signed a definitive business combination agreement with Schneider Power Inc., to acquire all of the outstanding common shares of Schneider Power, to form a leading North American alternative energy company with significant expertise in delivering fully operational renewable energy projects, and a pipeline exceeding 1 Giga Watts (GW), which subject to the satisfaction of certain closing conditions, is expected to close late in the second quarter of 2010. [Quantum and its German affiliate, asola Advanced and Automotive Solar Systems Gmbh, will supply advanced solar roofs for the Fisker Karma, a plug-in hybrid car, being developed by Fisker Automotive, Inc., a green American car company co-founded by Quantum in 2007. Fisker Automotive recently announced that it was awarded a conditional $528 million loan by the US Department of Energy.
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,, aerospace industry, military and other government entities, and other strategic alliance partners. More information can be found about Quantum's products and services at www.qtww.com.
About Schneider Power:
Schneider Power Inc. is one of Canada'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. More information can be found at: www.schneiderpower.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, 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. Statements in this release regarding the RPS and Quantum's level of participation therein and expected revenues therefrom, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Various risks and other factors could cause actual results to differ materially from those contemplated by the forward looking statements. Such risks and other factors include whether the RPS is implemented by the LADWP, any additional qualified suppliers are selected by the LADWP, Quantum is the successful bidder and awarded any firm contracts under any Task Order Proposals issued by the LADWP and, if selected and such contracts are awarded, whether Quantum can meet its obligations under such contracts, and whether Quantum creates any jobs under the RPS project . Quantum 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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.