Item 1.01. Entry into a Material Definitive Agreement On January, 4, 2008, the Registrant and asola Advanced and Automotive Solar Systems GmbH ("Asola"), entered into and closed an agreement by which the Registrant acquired 24.9% of the capital stock of Asola, for 300,000 Euros ("Agreement").
Pursuant to the Agreement and as part of the Registrant's acquisition of the 24.9% interest in Asola, the Registrant agreed to (i) subject to certain conditions, contribute up to 1.2 million Euro to the capital reserve of Asola on or before March 31, 2008, to support Asola's expansion to at least 30 MW, (ii) provide a corporate guaranty on a new or expanded Asola bank loan or line of credit, within four to six months following the closing, and (iii) transfer a 15% ownership interest in the Registrant's solar venture in the United States, if and when such venture is established.
The transactions covered by the Agreement were previosuly the subject of a binding letter of intent between the Registrant and Asola, the terms of which were disclosed by the Registrant on Form 8-K, filed with the Securities and Exchange Commission on May 16, 2007.
Posts: 2383 | Registered: Apr 2006
| IP: Logged |
Driving Tomorrow's Technology Today Quantum, a major Tier 1 supplier of clean vehicle technologies to the automotive OEMs, is ready for tomorrow, today: * Creating ground-up hybrid electric vehicles to meet broad market demand - from the military to the premium luxury segment. * Developing proprietary high-performance plug-in hybrid electric propulsion systems - "Q-Drive." * Enabling renewable energy resources. * Unlocking the hydrogen economy…
Every day at Quantum Technologies, our team pursues a single passion: to create breakthrough technologies that redefine the future of energy.
Quantum's portfolio of technologies is being fully integrated into the transportation energy system. Our core hybrid electric, hydrogen, and alternative fuel technologies enable energy efficient utilization in hybrid and fuel cell vehicles. Our hydrogen refueling stations provide modular solutions for distributed infrastructure to meet the growing demand from hydrogen hybrid and fuel cell vehicles.
We also see powerful synergies with our industry-leading lithium-ion battery and hydrogen energy storage systems to enhance the availability of intermittent renewable resources, like solar and wind energy.