Jan 20 2010
Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), today announced that it has entered into a professional services agreement with the City of Los Angeles Department of Water and Power ("LADWP") as a "qualified supplier", one of 12 companies selected among 109 bid participants. The agreement sets forth the terms by which LADWP would procure the materials and services necessary for solar power projects, as part of Los Angeles' mandated Renewable Portfolio Standard (RPS), which targets 20% of the energy for the City from renewable energy sources by 2010, and 35% of the energy from renewable energy sources by 2020.
The Board of Directors of LADWP passed a resolution authorizing the agreement with Quantum, and the other 11 qualified suppliers, for the procurement of materials and professional services for the initial three year effort in support of the RPS, at a maximum cost of $455 Million, with the goal of installing 200 MW of solar capacity by 2012. The LADWP will issue individual Task Order Proposals to the qualified suppliers for competitive procurement of solar photovoltaic modules, all associated materials, tools, and equipment, and for professional services which include solar power system design and solar power system related training for LADWP personnel, for LADWP facilities and other Los Angeles City properties located in, but not limited to, areas throughout California, Nevada, Arizona, and Utah.
"We applaud the City of LA and the DWP for their progressive vision and strategic plan to expand the role of clean renewable energy in the largest municipal utility in the nation," said Alan P. Niedzwiecki, the President and CEO of Quantum. "We are excited to be selected as a qualified supplier for this important project, after months of review and diligence process by the LADWP staff experts and their active Board. This project will help to create much needed jobs in Los Angeles, as Quantum draws employees from the Southern California region."
Quantum recently announced that it signed a definitive business combination agreement with Schneider Power Inc., to acquire all of the outstanding common shares of Schneider Power, to form a leading North American alternative energy company with significant expertise in delivering fully operational renewable energy projects, and a pipeline exceeding 1 Giga Watts (GW), which subject to the satisfaction of certain closing conditions, is expected to close late in the second quarter of 2010. [Quantum and its German affiliate, asola Advanced and Automotive Solar Systems Gmbh, will supply advanced solar roofs for the Fisker Karma, a plug-in hybrid car, being developed by Fisker Automotive, Inc., a green American car company co-founded by Quantum in 2007. Fisker Automotive recently announced that it was awarded a conditional $528 million loan by the US Department of Energy.