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Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq:QTWW) has completed the previously announced acquisition of Schneider Power Inc.(SNE.V), according to an announcement made today by the two companies.
Quantum acquired all of the issued and outstanding capital stock of Schneider Power.
The business combination merges Schneider Power's wind and solar power generation development portfolio with Quantum's alternative fuel and solar power technologies. The combined portfolio will encompass products that enable energy efficient utilization in hybrid and fuel cell vehicles to solar module manufacturing and clean electricity generation for North American consumers.
Alan Niedzwiecki, President and CEO of Quantum, commented: "The addition of Schneider's wind and solar renewable power projects is a significant step in our business strategy to become a more diverse alternative energy company."
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel vehicle technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles.
Quantum is part owner of Fisker Automotive, a new car company making premium hybrid electric vehicles.
Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Schneider Power Inc. has a portfolio in excess of 1,000 megawatts (MW) of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on prospective wind and solar power areas in North America and the Caribbean.
Disclosure: no positions