Quantum Fuel Systems Technologies Worldwide, has signed a memorandum of understanding (MoU) to establish a cooperative joint venture with a major automaker in China for the development and commercialisation of hybrid and alternative fuel vehicles, manufacture of gaseous fuel components, and integration of advanced propulsion systems.
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Quantum has partnered with the unnamed automaker, described as “one of the fastest growing automakers in China”.
The country is now the second largest automotive market in the world and is estimated to produce over 7.4m vehicles in 2007, after several years of double-digit growth.
Under this new agreement, Quantum and the Chinese automaker will develop a joint venture in 2007 focused on the development of hybrid vehicles, manufacture of gaseous fuel management components, and distribution of powertrain components.
“China is strategically important to Quantum, as we position ourselves as a fully-integrated alternative energy company serving the global marketplace. Quantum’s strategy in China involves establishing partnerships with fast-growing domestic automakers that are hungry for advanced technologies to make their products more fuel-efficient and run cleaner,” said Alan Niedzwiecki, president and CEO of Quantum.
“We believe that this partnership will accelerate Quantum’s entry into China as a supplier of complete, integrated systems for the growing market for clean vehicles in China to meet government demands to diversify energy resources and mitigate the environmental impact of increasing transportation needs.”
Quantum has product commercialisation alliances with General Motors, AM General and Sumitomo. Customers include General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, Sunline, Yamaha, AeroVironment, and the US Army.
