Quantum Fuel Systems Technologies Worldwide, Inc. has entered into an agreement with Fisker Automotive and Technologies Group LLC pursuant to which Quantum will license its plug-in hybrid control software to Fisker Auto Group and, in return, will receive an initial payment of $2.0 million on or before 27 November 2014, and a second payment of $2.0 million on or before 27 October 2015.
Quantum had been the supplier of key components and control systems for the Q-Drive powertrain system that was being incorporated in the original Fisker Karma. (Earlier post.)
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 27 October 2016.
In addition, 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.