IRVINE, Calif., Jan. 19 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), today announced that Fisker Automotive, the new American manufacturer of green automobiles which it co-founded, has secured access to an additional $115.3 million in private equity funding to develop plug-in hybrid cars. This funding is necessary for Fisker to access a $528.7 million U.S. Department of Energy conditional loan that will, in part, help speed completion of the Fisker Karma, the company's first plug-in hybrid. The raise comes at a time when capital is scarce, the auto industry is struggling and the global economy is just beginning to rebound.
The Fisker Karma incorporates Quantum's proprietary high-performance plug-in-hybrid vehicle (PHEV) architecture known as Q-Drive™ that incorporates a number of innovations in energy storage, electric drive architecture and control strategies. The Q-Drive in Fisker Karma is complemented by a solar photovoltaic roof module that generates renewable electricity, for further reduction in carbon footprint. The solar roof module was designed by Quantum and Quantum's partner Asola – Advanced and Automotive Solar Systems GmbH.
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 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, Henrik 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, 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 potential investment in Fisker Automotive, the expected timetable for completing the transaction, the benefits of the transaction, Quantum's development of Q-Drive, and solar modules 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, and actual events that occur, to differ materially from those contemplated by the forward looking statements. 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.
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