LAKE FOREST, Calif., Jan. 06, 2016 (GLOBE NEWSWIRE) -- Quantum Fuel Systems Technologies Worldwide, Inc.(NASDAQ:QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced today that it has received an additional development contract from Karma Automotive , LLC (“Karma Automotive”) for software control and system development of the Karma vehicle platform. This contract augments the initial scope of the software development services that were negotiated together with but independent from Karma Automotive’s license of hybrid control software developed by Quantum.
Under the terms of the software license agreement previously disclosed, Quantum received a payment of $2.0 million in October 2015 from Karma Automotive which will also allow Karma Automotive to use the Quantum software on future vehicle line platforms as well as the Karma vehicle to be introduced in 2016. In November 2015, Karma Automotive exercised its option to acquire joint ownership of Quantum’s control software for additional consideration of $1.0 million.
"Our mission is to drive transformational change through innovative, high quality, clean vehicle technologies that apply to a multitude of vehicle platforms and architectures,” said Mr. Brian Olson, President and CEO of Quantum. "Our software controls engineering and development group have the capability to address the needs for natural gas vehicle system software as well as control software solutions for plug-in hybrid, hybrid and other battery electric vehicles, and further demonstrates our ability to bring relevant clean vehicle technologies to market," concluded Mr. Olson.
“We appreciate our partnership with Quantum Technologies allowing us to leverage their software controls expertise and augment our own internal expertise in order to build world class, premium plug-in hybrid electric vehicles,” said Tom Corcoran, CEO of Karma Automotive.
Quantum specializes in electronics and software controls for automotive, refueling, and industrial applications. Quantum has proprietary software and embedded code development capabilities that have been developed for rapid vehicle controller prototyping which are then used to transition into high production environments. This experience lends itself to interfacing with popular vehicle communication networks such as automotive CAN (J1939 and J1979), LIN, and FlexRay. Applications include Engine Control Modules (ECM), Hybrid Control Units (HCU), Motor Control Modules (MCM), and Battery Energy Control Modules (BECM).
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 light‐weight 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, fuelcell, 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. 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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