Quantum, Fisker agree to work on control software

Lake Forest, California – Quantum Fuel Systems Technologies Worldwide Inc. has entered into an agreement with the Chinese company that bought Fisker Automotive in bankruptcy. Under the deal, Quantum will license plug-in hybrid control software to Fisker Auto Group and, in return, will receive an initial payment of $2.0 million on or before November 27, 2014, and a second payment of $2.0 million on or before October 27, 2015.

Under these terms, the software license provided to Fisker Auto Group will support Fisker Auto Group's re-launch of the Karma vehicle and, upon Quantum's receipt of the second $2.0 million installment, the license granted to Fisker Auto Group will be expanded to include use on Fisker Auto Group's planned Atlantic vehicle line.

The agreement also gives Fisker Auto Group the option to acquire joint-ownership of the hybrid control software for the Karma, Atlantic and future platforms for additional consideration on or before October 27, 2016.

Wanxiang America Corp. bought Fisker’s assets early this year and has said it will relaunch the plug-in hybrid Karma and develop an updated version of the luxurious green car called the Atlantic.

The agreement provides that Quantum will be Fisker Auto Group's exclusive software development partner until at least such time that Fisker Auto Group exercises its option to acquire joint-ownership of the hybrid control software, including two specific agreed upon projects that comprise approximately $1.35 million of software development services to be provided to Fisker Auto Group over the next twelve months.

”This arrangement allows us to improve the Karma and re-launch with added improvements and still fulfills our core objective for Fisker Automotive and Technologies LLC to own the core intellectual components of the car. Fisker Automotive and Technologies Group LLC is excited to work on the next phase of the partnership with Quantum," said James Taylor, vice president of Manufacturing and Purchasing.

Source: Quantum