Quantum Fuel Systems Technologies Worldwide just announced that they have a signed a definitive supply agreement to provide Fisker Automotive with parts for the Q-Drive(TM) powertrain system that Fisker is using in the Fisker Karma. Per the agreement, Quantum Fuels will be the exclusive provider for the Q-Drive(TM) hybrid control systems and the solar roof module. Fisker has also agreed to pay Quantum a royalty payment for each Karma sold.
In a press release, … Read the rest
Quantum Fuel Systems (QTWW) reported earnings results after the bell yesterday, beating Wall ST estimates on both the EPS and revenue side with a loss of .03/share on revenues of $6.2 million. Analysts had expected a .07/share loss. Revenues slipped 35% over the year ago quarter which the company attributed to the end of a supply contract with GM for hydrogen fuel storage systems. However, the company continues to trim its losses as cost reduction … Read the rest
Now we know why EnerDel and Fisker broke off discussions about working together. Fisker wanted to work with A123 Systems (AONE). This morning the companies announced a multi year deal in which A123 will supply the lithium batteries for the Fisker Karma to be launched later this year. The relationship won’t end there. A123 will also invest as much as $23 million in Fisker and collaborate on the Fisker Nina, which is the all … Read the rest
Back in May we reported that Fisker was in talks with EnerDel to discuss the possibility of using their lithium batteries, but apparently those talks have now ended. The two companies signed a letter of intent for a potential long term deal that was contingent upon reliability and performance testing, so this is certainly a blow to EnerDel and the stock is down 17% on the news. The company will still be the supplier for … Read the rest