Sep 21 2013
Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced today that its wholly owned subsidiary, Schneider Power Inc. and certain of Schneider Power Inc.'s wholly-owned subsidiaries, closed Phase 1 of the previously announced sale of Schneider Power's 10 Megawatt (MW) Trout Creek wind farm development project (the "Trout Creek Project") on September 18, 2013.
As previously announced, the sale of the Trout Creek Project will occur in two phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the ownership interests in the Trout Creek Project for an aggregate purchase price of Canadian Dollar (CAD) $1,207,959, of which CAD $966,916 was paid in cash and CAD $241,403 was paid by the purchaser's assumption of certain Trout Creek Project liabilities. The closing of Phase 2 of the transaction is projected to be completed in 18 to 24 months, subject to the project achieving commercial operation. The Phase 2 transaction, if completed, would provide additional cash proceeds of approximately CAD $1.1 million in exchange for the purchaser acquiring the remaining 25.1% of the ownership interest in the Trout Creek Project.
Pursuant to the terms of the definitive agreements, the purchaser will be solely responsible for all development costs and expenses related to the Trout Creek Project.
"We continue to make strides in monetizing Schneider Power wind farm assets," stated Brian Olson, President and Chief Executive Officer of Quantum. Mr. Olson continued, "As previously announced, it remains our intent to complete the disposition of all of Schneider Power's operating assets and development projects."
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light]weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully-integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast-to-market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.
Source: http://www.qtww.com/