Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) announced that the company and its subsidiary, Quantum Solar Energy Inc., has entered into a non-binding letter of intent with New Energy Systems LLC, which sets forth the terms by which New Energy Systems would invest $20 million in Quantum Solar in exchange for a 34% ownership interest in Quantum Solar. The transaction is expected to close within ninety days.
Upon closing of the transaction, Quantum Solar would be owned 51% by Quantum, 34% by New Energy Systems on a fully converted basis, and 15% by Asola. Quantum and New Energy Systems shall each have the right to appoint two members to serve on Quantum Solar's board of directors.
New Energy Systems would invest $20 million in exchange for Series A convertible preferred stock, which would be convertible into shares of Quantum Solar common stock on a one-for-one basis. New Energy Systems would receive a cumulative preferred dividend equal to 2.5% of the investment amount, or $500 thousand annually, for the lesser of seven years or until such time that New Energy Systems has received a total return on its investment equal to $6 million.
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.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.