IRVINE, Calif., July 8 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has received an initial purchase order for supplying Q-Drive™ powertrain systems for the Fisker Karma production program under the terms of its supply agreement. Under this purchase order, Quantum will supply the first production systems this fall to enable the start of volume production, which is expected to commence in February 2011, with a forecasted production volume of 15,000 vehicles per year. Quantum recently signed a Supply Agreement with Fisker Automotive to supply key components and control systems for the Q-Drive powertrain system that is being incorporated into the Fisker Karma.
"Quantum is proud to be supporting Fisker by providing key Q-Drive™ plug-in hybrid powertrain components to enable the luxury high performance sedan, Karma, to excel in fuel economy and performance," said Alan P. Niedzwiecki, the President and CEO of Quantum. "It is exciting to see Fisker moving quickly into the production phase."
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, plug-in 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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.