Quantum Signs Agreement With Miljo Innovasjon of Norway to Pursue Joint Venture for Electric Vehicle
Quantum signs agreement with Miljo Innovasjon of Norway to pursue joint venture for the development and production of electric vehicles intended for markets in Norway, Europe, and China.
The letter of understanding outlines several fields of engagement for a potential joint venture between Miljo Innovasjon and Quantum for the production of electric vehicles, including, but not limited to, the design and establishment of an electric vehicle manufacturing plant, the design and establishment of a battery pack manufacturing plant, component supplier selection and management, and joint venture funding and management.
Miljo Innovasjon AS is a subsidiary of Miljobil Grenland AS, which was founded in 1997 as an electric vehicle fleet operator. The company offers environmental friendly vehicles to the Norwegian market and has delivered more than 300 electrical cars to customers. Miljobil Grenland was also instrumental in working with Quantum in procuring fifteen hydrogen hybrid Toyota Priuses for the HyNor program, Norway's "Hydrogen Highway." Miljo Innovasjon is focused on developing new zero emission technologies in the transport sector. The proposed joint venture with Quantum is an element of its plan to develop and commercialize of zero emission vehicles.
"We are excited to enter into this agreement with Miljo Innovasjon to pursue a joint venture to manufacture electric vehicles for the international market," said Alan P. Niedzwiecki, President and CEO of Quantum. "This is the type of opportunity we have been pursuing to leverage our extensive experience with advanced propulsion systems, advanced lithium-ion battery technologies, vehicle manufacturing, and second-stage assembly to provide a fast-to-market solution for electric and hybrid electric vehicles. Based on the enthusiastic reception that our hydrogen hybrid Priuses received at the grand opening of Norway's hydrogen station, we believe that there are significant growth opportunities for the proposed venture."
Quantum and its subsidiary, Tecstar Automotive Group, are leaders 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 has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.