Quantum Announces Additional Deal with Karma Automotive

Posted by Lauren Tyler on January 06, 2016 No Comments
Categories : FYI

Quantum Fuel Systems Technologies Worldwide Inc. has received an additional development contract from Karma Automotive LLC for software control and system development of the Karma plug-in hybrid electric vehicle platform.

This contract augments the initial scope of the software development services that were negotiated together with, but independent from, Karma Automotive’s license of hybrid control software developed by Quantum.

Under the terms of the software license agreement previously disclosed, Quantum received a payment of $2 million in October 2015 from Karma Automotive, which will also allow Karma Automotive to use the Quantum software on future vehicle line platforms as well as the Karma vehicle to be introduced in 2016. In November 2015, Karma Automotive exercised its option to acquire joint ownership of Quantum’s control software for additional consideration of $1 million.

“Our mission is to drive transformational change through innovative, high-quality, clean vehicle technologies that apply to a multitude of vehicle platforms and architectures,” says Brian Olson, president and CEO of Quantum.

“Our software controls engineering and development group have the capability to address the needs for natural gas vehicle system software, as well as control software solutions for plug-in hybrid, hybrid and other battery-electric vehicles, and further demonstrates our ability to bring relevant clean vehicle technologies to market,” adds Olson.

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