IRVINE, Calif., Dec. 22, 2011 /PRNewswire/ -- Quantum Fuel
Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today
that its wholly-owned subsidiary, Schneider Power Inc., through its
wholly-owned subsidiary Trout Creek Wind Power Inc. (the
"Trout Creek") has entered into a
strategic agreement with a major global wind turbine manufacturer
(the "Manufacturer") whereby, subject to the Manufacturer providing
Trout Creek with a maximum of
CDN$24,000,000 dollars to finance the
construction of the generation facility, the Company will purchase
and deploy the Manufacturers wind turbines for the 10 MW Trout
Creek Wind Farm in Ontario,
Canada.
The Manufacturer and Trout
Creek have agreed to use their best efforts to execute a
definitive financing agreement by December
31, 2012. The agreement also provides for the wind turbines
to meet the 50% local content requirement as stipulated by the
Ontario Government's Feed in Tariff Program and is subject to
certain conditions, including receipt of regulatory and other third
party approvals.
Alan Niedzwiecki, Quantum's CEO,
commented, "We are excited about this relationship as it provides
an opportunity for us to finance the Trout Creek and potentially other wind farms
while retaining 100% ownership in each project. We are
hopeful that the Trout Creek
agreement will be the first among a broader strategic relationship
aimed at financing and developing Schneider Power's global
portfolio of 1,000 MW of wind farms."
Once completed in the fall of 2013, the electricity generated by
the Trout Creek Wind Farm will be sold to the Ontario Power
Authority under a 20-year power purchase agreement per the Ontario
Government's Feed-In-Tariff program at $135/MWh. Schneider Power has secured a 20-year
crown land concession and has successfully completed the required
wind studies to finalize the design of the Wind Farm. Grid
interconnection has been granted by the local utility Hydro One
Networks Inc., to link to an existing high voltage transmission
line near the property. The final environmental permitting
efforts are currently underway and all required construction
permits are expected to be secured in time to build and commission
the renewable energy generation facility on schedule.
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc., a fully
integrated alternative energy company, is a leader in the
development and production of advanced propulsion systems, energy
storage technologies, and alternative fuel vehicles. Quantum's
wholly owned subsidiary, Schneider Power Inc., and affiliate Asola
Advanced and Automotive Solar Systems GmbH complement Quantum's
emerging renewable energy presence through the development and
ownership of wind and solar farms, and manufacture of high
efficiency solar modules. Quantum's portfolio of technologies
includes electronic controls, hybrid electric drive systems,
natural gas and hydrogen storage and metering systems and
alternative fuel technologies that enable fuel efficient, low
emission hybrid, plug-in hybrid electric, fuel cell, and natural
gas vehicles. Quantum's powertrain engineering, system integration,
vehicle manufacturing, and assembly capabilities provide
fast-to-market solutions to support the production of hybrid and
plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas
fuel, and specialty vehicles, as well as modular, transportable
hydrogen refueling stations. Quantum's customer base includes
automotive OEMs, dealer networks, fleets, aerospace industry,
military and other government entities, and other strategic
alliance partners.
About Schneider Power
Schneider Power Inc. is one of Canada's premier renewable energy companies,
with a portfolio in excess of 1,000 MW clean electricity generation
development projects and advanced exploration projects located
across two continents, and large land positions on the most
promising and prospective wind and solar power areas in
North America. Schneider Power is
a wholly owned subsidiary of Quantum Fuel System Technologies
Worldwide Inc. For more information, please visit
www.schneiderpower.com.
Forward Looking Statements:
This press release contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements included in this report, other than
those that are historical, are forward-looking statements and can
generally be identified by words such as "may," "could," "will,"
"should," "assume," "expect," "anticipate," "plan," "intend,"
"believe," "predict," "estimate," "forecast," "outlook,"
"potential," or "continue," or the negative of these terms, and
other comparable terminology. Such forward-looking statements
include statements with respect to the signing of a definitive
financing agreement, the availability of financing for Trout Creek and other wind projects, the
receipt of regulatory approvals, the broadening of a strategic
relationship with the Manufacturer, the signing of additional
agreements with the Manufacturer, the retention of 100% ownership
in each wind project, the building out of the Schneider Power
portfolio of renewable energy generation projects, the sale of
power to the Ontario government
under a power purchase agreement, the receipt of environmental and
construction permitting, and the timing of completion of the
Trout Creek project. Various risks
including delays in the development of the Trout Creek wind farm, cost overruns in
developing the Trout Creek wind
farm, changes in Ontario's
feed-in-tariff program, access to credit markets, and other factors
could cause actual results, and actual events that occur, to differ
materially from those contemplated by the forward looking
statements. The Company undertakes no obligation to
update the information in this press release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
anticipated or unanticipated events.
More information can be found about the products and services of
Quantum, Schneider Power and Asola at http://www.qtww.com/ or you
may contact:
Brion D.
Tanous
|
Dale
Rasmussen
|
Principal,
CleanTech IR, Inc.
|
Quantum
Technologies
|
Email:
btanous@cleantech-ir.com
|
Email:
drasmussen@qtww.com
|
310-541-6824
|
206-315-8242
|
©2011 Quantum Fuel Systems
Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA
92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.