Quantum Gets Stake in Advanced Lithium Power
Quantum Fuel Systems Technologies Worldwide, Inc. has acquired a 19.9% stake in Vancouver, British Columbia-based Advanced Lithium Power Inc. (ALP), a newly formed company developing leading-edge lithium ion and advanced battery control systems whose primary asset is intellectual property.
ALP is developing lithium ion battery and control systems that control state-of-charge and provide for thermal management, resulting in high-performance energy storage. ALP's technology is expected to have significant opportunities in hybrid electric vehicles, fuel cell vehicles, uninterruptible power supplies, and energy storage for renewable energy, such as solar photovoltaic applications.
Working in concert with ALP, Quantum will utilize its automotive OEM contacts and experience in packaging, integration, and manufacturing expertise to develop integrated advanced lithium ion battery packs for near-term applications, including hybrid electric vehicles, uninterruptible power supplies, and solar photovoltaic energy systems, as well as emerging fuel cell vehicles. Quantum will be able to integrate ALP's lithium ion battery technology with its hydrogen storage systems to provide energy storage solutions for fuel cell vehicles.
"This technology supports Quantum's strategic initiatives in hybrid electric and fuel cell vehicles and complements our growing military applications," said Alan P. Niedzwiecki, President and CEO of Quantum. "We believe that this is an important technology with enormous potential to penetrate into today's hybrid electric vehicle market as well as solar photovoltaic energy systems, and uninterruptible power supplies. It also positions Quantum to be a single source for energy storage solutions for hydrogen hybrid and fuel cell vehicles."