Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW) operates as a fully integrated alternative energy company engaged in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. The company’s affiliate, a privately owned “green” car company founded by QTWW in 2007, recently completed its Series C financing round on September 4, 2008.
“We are extremely pleased to have closed our C financing round at this time, particularly in light of the current market conditions,” Henrik Fisker, CEO of Fisker Automotive Inc. stated in the press release. “This shows investors, once again, that Fisker Automotive has a solid business plan and a globally experienced automotive team with very strong investors behind the company.”
The $65-million investment was led by an affiliate of Qatar Investment and includes participation from Palo Alto Investors and Kleiner Perkins Caufield & Byers. Alan Niedzwiecki, president and CEO of QTWW, said the funding enforces the company’s position in the market and the direction of the transportation industry.
“This privately raised money validates what Quantum has been telling investors: principally, that the quality, value proposition, and international marketplace for these products not only exist but are on the precipice of inclusion into the mainstream psyche and marketplace of any person who uses a vehicle to fulfill their transportation needs,” Niedzwiecki stated.
The money will be used to develop Fisker Automotive’s first production car, the Fisker Karma – a four-door, plug-in-hybrid premium sports car. The “first-of-its-kind” vehicle was showcased at the North American International Auto Show in January 2008.
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