Quantum Fuel Systems Technologies announced it has entered into an agreement with Fisker Automotive and Technologies Group LLC to provide its plug-in hybrid control software to support the re-launch of the Fisker Karma PHEV sedan.
Under the agreement, Quantum will license its plug-in hybrid control software to Fisker and, in return, will receive an initial payment of $2.0 million on or before November 27, 2014, and a second payment of $2.0 million on or before October 27, 2015.
The software license provided to Fisker will support re-launch of the Karma PHEV sedan and, upon Quantum’s receipt of the second $2.0 million installment, the license granted to Fisker will be expanded to include use on Fisker Auto Group’s planned Atlantic vehicle line.
The agreement also gives Fisker the option to acquire joint-ownership of the hybrid control software for the Karma, Atlantic and future platforms for additional consideration on or before October 27, 2016.
In addition, the agreement provides that Quantum will be Fisker Auto Group’s exclusive software development partner until at least such time that Fisker Auto Group exercises its option to acquire joint-ownership of the hybrid control software, including two specific agreed upon projects that comprise approximately $1.35 million of software development services to be provided to Fisker Auto Group over the next twelve months.