Quantum Awarded $14.5 Million Development Program to Advance and Integrate Q-Drive System for Fisker Automotive
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Quantum Fuel Systems Technologies Inc
17872 Cartwright Road
Irvine, CA, 92614
Press release date: February 19, 2008
IRVINE, Calif., Feb. 19 -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) announced today that it has received a $14.5 million program from Fisker Automotive, Inc. to advance and integrate Quantum's proprietary high-performance plug-in-hybrid electric vehicle ("PHEV") architecture -- known as "Q-Drive" -- for the Fisker Karma four-door sport sedan production model.
The Q-Drive system has evolved over five years of innovation and development at Quantum. Quantum's Q-Drive system takes full advantage of the performance potential of electric drive systems while achieving high fuel mileage and low emissions through its integrated plug-in hybrid electric design. Benefits of Quantum's drive system include optimized fuel efficiency and superior performance, unchanged gas station infrastructure, and convenient battery recharging with any 110-volt outlet, 220/240-volt fast-charging, or using Quantum's solar energy powered re-charging station. Quantum's Q-Drive PHEV system will allow Fisker drivers to drive emission free for up to 50 miles a day following convenient at-home recharging every evening at a gasoline-equivalent price of $0.75 cents.
This contract initiates the integration of Quantum's Q-Drive system into a unique chassis that will enable optimizing the performance and vehicle dynamics for each of the models in Fisker's line of premium luxury green cars. Additional efforts are anticipated for Quantum to complete the development, testing, and validation of the integrated Q-Drive system to meet all automotive industry, safety, and emissions standards to be able to put the Fisker sedan into the hands of consumers.
"We are pleased to be working in partnership with the engineering team at Fisker to bring their innovative design to market," said Alan P. Niedzwiecki, the President and CEO of Quantum. "The new Fisker hybrid sports sedan, unveiled at the North American International Auto Show in January, has generated much interest from the automotive industry, media, and consumers. This contract enables Quantum to accelerate and commercialize the Quantum Q-Drive system into the new Fisker Karma luxury hybrid sports sedan to meet the growing demand for this new class of 'green' vehicles."
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 advanced lithium-ion battery systems, 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 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, 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.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics.
More information can be found about Quantum's products and services at http://www.qtww.com/.
Source: Quantum Fuel Systems Technologies Worldwide, Inc.
Web site: http://www.qtww.com/