LAKE FOREST, Calif., Nov. 3, 2014 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum") (NASDAQ: QTWW), a global leader in natural gas storage systems, integration, and vehicle system technologies, today announced it has entered into an agreement with Fisker Automotive and Technologies Group LLC ("Fisker Auto Group") pursuant to which Quantum will license its plug-in hybrid control software to Fisker Auto Group and, in return, will receive an initial payment of $2.0 million on or before November 27, 2014, and a second payment of $2.0 million on or before October 27, 2015. Under these terms, the software license provided to Fisker Auto Group will support Fisker Auto Group's re-launch of the Karma vehicle and, upon Quantum's receipt of the second $2.0 million installment, the license granted to Fisker Auto Group will be expanded to include use on Fisker Auto Group's planned Atlantic vehicle line. The agreement also gives Fisker Auto Group the option to acquire joint-ownership of the hybrid control software for the Karma, Atlantic and future platforms for additional consideration on or before October 27, 2016.
In addition, the agreement provides that Quantum will be Fisker Auto Group's exclusive software development partner until at least such time that Fisker Auto Group exercises its option to acquire joint-ownership of the hybrid control software, including two specific agreed upon projects that comprise approximately $1.35 million of software development services to be provided to Fisker Auto Group over the next twelve months.
"We are very excited to be supporting Fisker Auto Group with the re-launch of the Fisker Karma vehicle and its planned Atlantic series," said Brian Olson, Quantum's President and Chief Executive Officer. Mr. Olson continued, "Our software and vehicle control products and strong software development engineering capability is another example of why Quantum is the perfect one-stop-shop for OEMs that desire a fast-to-market solution for clean vehicle technology and product commercialization."
"Fisker Automotive and Technologies Group, LLC is excited about the partnership with Quantum. This arrangement allows us to improve the Karma and re-launch with added improvements and still fulfills our core objective for Fisker Automotive and Technologies, LLC to own the core intellectual components of the car. Fisker Automotive and Technologies Group, LLC is excited to work on the next phase of the partnership with Quantum," said James Taylor, V.P. of Manufacturing and Purchasing.
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development, and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and lightweight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California and has operations and affiliations in the United States, Canada, and India.
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. Examples of forward looking statements contained in this release include whether Fisker Auto Group will be able to successfully re-launch the Fisker Karma vehicle, whether it elects to exercise its option to acquire joint-ownership of the control software and whether it decides to take its Atlantic vehicle to production. 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. 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.
More information about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
Quantum Investor Relations
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.