Quantum Signs Agreement With Miljo Innovasjon to Pursue JV for Electric Vehicles
25 September 2006
Quantum Fuel Systems Technologies Worldwide has signed a letter of understanding with Miljo Innovasjon AS of Norway that establishes the basis for discussions to structure a 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 EVs to customers.
Miljobil Grenland was instrumental in working with Quantum in procuring fifteen hydrogen hybrid Toyota Priuses for the HyNor program. (Earlier post.) Miljobil also was working with Electrovaya on the marketing of the Maya EV in Norway. (Earlier post.)
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. 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.—Alan Niedzwiecki, President and CEO of Quantum
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