Wednesday September 10, 9:00 am ET
Solidifies Position in 'Green' Automotive Marketplace
IRVINE, Calif., Sept. 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles, today announced that its affiliate, Fisker Automotive, Inc., a "green" American premium sports car company, has completed its Series C financing round. The funding was completed on September 4, 2008 with a total investment of $65 million. The round was led by one new investor, an affiliate of Qatar Investment Authority (QIA). Existing investors, Palo Alto Investors and Kleiner Perkins Caufield & Byers, remain and also participated.
"This privately raised money validates what Quantum has been telling investors: principally, that the quality, value proposition, and international marketplace for these products not only exist but are on the precipice of inclusion into the mainstream psyche and marketplace of any person who uses a vehicle to fulfill their transportation needs," said Alan Niedzwiecki, President and CEO of Quantum Fuel Systems Technologies Worldwide.
The money raised will be used to support the development of Fisker Automotive's first production car, the Fisker Karma. The first-of-its-kind, four-door, plug-in hybrid premium sports car was unveiled in January 2008 at the North American International Auto Show (NAIAS). Initial deliveries of the Karma, which features cutting-edge, plug-in hybrid technology penned as the Q-DRIVE and developed by Quantum exclusively for Fisker Automotive, are expected to commence in the 4th quarter of 2009 with annual production projected to reach 15,000 automobiles.
"We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions," said Henrik Fisker, CEO of Fisker Automotive, Inc. "This shows investors, once again, that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company."
The close of Series C financing for Fisker Automotive comes on the heels of the January announcement that Kleiner Perkins had made a multi-million dollar investment in the company, building on the initial investment by Palo Alto Investors.
Fisker Automotive, Inc.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the President and CEO. Fisker Automotive was founded in 2007 by Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) and Fisker Coachbuild, LLC.
About Quantum Fuel Systems Technologies Worldwide, Inc.
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 power-train engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid, 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. For more information, visit http://www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the marketplace for hybrid vehicles, the Company's ability to supply Q-Drives and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2008. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
Contact:
At the Company: Investor Relations:
Dale Rasmussen RedChip Companies, Inc.
Investor Relations Sanford Diday
Email: DRasmussen@qtww.com 1-800-REDCHIP (733-2447, Ext. 115)
1-206-315-8242 info@redchip.com
http://www.redchip.com
©2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100
Orlando, FL 32751
(800) 733-2447
Fax: (407) 644-0758
info@redchip.com
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