Quantum Signs Binding Letter of Intent to Acquire Stake in a German Solar Company
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Quantum Fuel Systems Technologies Inc
17872 Cartwright Road
Irvine, CA, 92614
Press release date: May 14, 2007
IRVINE, Calif., May 14: Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) today announced that it has signed a binding letter of intent to acquire a 24.9 percent equity stake in a German solar energy technology company that develops and manufactures high-efficiency photovoltaic modules for a number of innovative applications, including automotive, residential, and commercial applications.
Solar energy demand has consistently grown in excess of 25 percent per year during the past 15 years, and is poised for a period of accelerated growth, especially in California. German solar energy companies have gained significant experience over the past decade in meeting the demand in Germany that consumes over 50 percent of the global solar photovoltaic module manufacturing capacity.
"This acquisition is strategic to Quantum because of this solar company's involvement in the automotive industry through its fully integrated and validated solar roof modules being sold to European OEMs. We believe this German partner, which has over 20 years of solar industry experience, will provide us access to other European alliances and relationships in the rapidly expanding European renewable energy market," said Alan P. Niedzwiecki, President and CEO of Quantum. "We see powerful synergies with our industry-leading hydrogen storage systems and lithium-ion battery systems, which can enhance the availability of renewable resources, like wind and solar energy, by providing cost-effective storage options."
Quantum is a leader in powertrain engineering, system integration and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles. Quantum also develops and manufacturers advanced lithium-ion batteries through its partner, Advanced Lithium Power.
Quantum has product commercialization alliances with General Motors, AM General and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, SunLine, Yamaha, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at www.qtww.com. Source: Quantum Fuel Systems Technologies Worldwide, Inc.
CONTACT: Dale Rasmussen, Investor Relations, +1-206-315-8242, DRasmussen@qtww.com, Dr. Neel Sirosh, Chief Technology Officer, +1-949-399-4698, firstname.lastname@example.org, both of Quantum Fuel Systems +Technologies Worldwide, Inc. Web site: http://www.qtww.com/