Quantum Announces Letter of Intent for $20 Million

IRVINE, Calif., Nov. 25 /PRNewswire-FirstCall/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), today announced that it and its subsidiary, Quantum Solar Energy, Inc. (”Quantum Solar”), has entered into a non-binding letter of intent with New Energy Systems, LLC (”NES”), which sets forth the terms by which NES would invest $20 million in Quantum Solar in exchange for a 34% ownership interest in Quantum Solar. Quantum Solar will use the investment proceeds to establish a state of the art solar photovoltaic module manufacturing facility in Irvine, California, with an expected annual capacity of 45 MW.
Source: prnewswire.com