Quantum to Form Electric Vehicle Venture:

Discussion in 'Other Manufacturers' started by tigerhonaker, Sep 26, 2006.

  1. tigerhonaker

    tigerhonaker Platinum Contributor

    Sept. 25, 2006, 9:58AM

    Quantum to Form Electric Vehicle Venture

    © 2006 The Associated Press

    IRVINE, Calif. — Quantum Fuel Systems Technologies Worldwide Inc., a maker of fuel systems and electronic control systems for alternative fuel vehicles, on Monday said it plans to form a joint venture with Miljo Innovasjon AS of Norway to build electric vehicles.

    Financial terms were not disclosed.

    Outlined in a letter of understanding with Miljo Innovasjon, which already makes electric cars for sale in Norway, are plans proposing an electric vehicle manufacturing plant and a factory to build battery packs. The agreement also proposes the selection of parts suppliers, as well as funding and management of the joint venture.

    The electric cars would be sold in Norway, Europe and China.

    Shares of Quantum Fuel fell 2 cents to $2.09 in morning trading on the Nasdaq.


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