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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.