IRVINE, Calif., Jan. 9 /PRNewswire-FirstCall/ — Fisker Automotive, an affiliate of Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW), has been named one of the most successful startups in 2008 by BusinessWeek. Fisker Automotive, a green American premium car company that was co-founded by Quantum and world-renowned auto-designer, Mr. Henrik Fisker, raised venture capital in excess of $90 million in 2008.
According to BusinessWeek, their researchers compiled the list of hottest new U.S. startups by “looking at deals that took place in the four most recent quarters available, from October 2007 to September 2008, based on data from the MoneyTree Report from the National Venture Capital Association and PricewaterhouseCoopers.” (See, http://finance.yahoo.com/career-work/article/106340/Most-Successful-U.S.-Startups-2008)
To read the entire article, visit:
http://images.businessweek.com/ss/08/12/1217_hottest_startups/3.htm
Henrik Fisker, CEO of Fisker Automotive, designed the “green” car company’s breakthrough eco-chic KARMA to run on Quantum’s Q-Drive – a fully electric-powered system that offers zero-emissions with no compromise on power and achieves 100 miles per gallon.
The innovative Q-Drive is a hybrid propulsion system configured with a small gasoline engine used solely to power an electric generator that charges a lithium-ion battery pack. The advanced propulsion system can take the KARMA from 0 to 60 mph in 5.8 seconds, reaching speeds in excess of 125 mph.
Quantum’s Q-Drive technology will provide a base for all future derivatives from Fisker Automotive and moves Quantum one-step closer to its goal of becoming the premier, fully integrated alternative energy company. Fisker expects to deliver the first of the luxury hybrids by the end of 2009 with full production commencing in 2010.
For more information on the KARMA, visit www.qtww.com or www.fiskerautomotive.com.
About Quantum Fuel Systems Technologies Worldwide, Inc.
Quantum Fuel Systems Technologies Worldwide Inc. (NasdaqGM: QTWW), 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.
About Fisker Automotive, Inc.
Keeping with the company’s mantra of “Simply World Class,” Fisker Automotive and its retailers will offer a customer experience second to none. All retailers will be housed in eco-friendly facilities and will offer consumers a unique personal approach, including the ability to ask questions via video conference with an expert at Fisker Automotive headquarters and flexible scheduling based on consumer availability.
Fisker Automotive is a privately owned car company with Henrik Fisker serving as the CEO. Fisker Coachbuild, LLC will be the exclusive design house for Fisker Automotive through the entire range of product development. Additional executive team members include Vic Doolan, Board Member FA & Director of Retail Development; Alan Niedzwiecki, CEO Quantum Technologies & Board Member FA; Bernhard Koehler, COO; Thomas Fritz, Director of Engineering; and production design by Alexander Klatt, formerly of BMW and Mark Clarke formerly of Porsche. This experienced team will help Fisker Automotive lead the future and redefine automotive design by creating the ultimate eco-chic car–cars that marry unparalleled style with environmental consciousness.
Forward-Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of hybrid vehicles, hybrid vehicle specifications, new or expanded customer contracts, the commitment of suppliers and other entities to the KARMA vehicle program, future opportunities for Quantum, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; other new model platforms; the ability to retain key personnel; the Company’s ability to successfully execute its business strategies; growth of the hybrid vehicle market; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid and alternative fuel technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; and economic conditions generally. Additional factors may be found in Quantum’s Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company’s management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
At the Company:
Dale Rasmussen
Quantum Fuel Systems Technologies Worldwide, Inc.
Investor Relations
Email: DRasmussen@qtww.com
1-206-315-8242
Investor Relations:
RedChip Companies, Inc.
Dave Gentry
1-800-733-2447, Ext. 104
Or,
Jon Cunningham
1-800-733-2447, Ext. 107
info@redchip.com
