Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) has signed a Memorandum of Understanding to establish a joint venture with an undisclosed “major automaker” in China for the development and commercialization of hybrid and alternative fuel vehicles, manufacture of gaseous fuel components, and integration of advanced propulsion systems.
Quantum has partnered with one of the fastest growing automakers in China, which is now the second largest automotive market in the world. China is estimated to produce in excess of 7.4 million vehicles in 2007, after several years of double-digit growth.
“China is strategically important to Quantum, as we position ourselves as a fully-integrated alternative energy company serving the global marketplace. Quantum’s strategy in China involves establishing partnerships with fast-growing domestic automakers that are hungry for advanced technologies to make their products more fuel-efficient and run cleaner,” said Alan Niedzwiecki, President and CEO.
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.
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