Quantum Fuel Systems Technologies Worldwide Inc. has entered into an agreement with Fisker Automotive and Technologies Group LLC (Fisker Auto Group) in which Quantum will license its plug-in hybrid control software to Fisker.
In return, Quantum will receive an initial payment of $2 million on or before Nov. 27 and a second payment of $2 million on or before Oct. 27, 2015.
Under the terms, the software license provided to Fisker Auto Group will support the re-launch of its Karma electric vehicle, and, upon Quantum's receipt of the second $2.0 million installment, the license 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 Oct. 27, 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 12 months.