Quantum Completes Acquisition of Schneider Power

Two companies in the alternative energy for vehicles business have joined forces this week. Quantum Fuel Systems Technologies announced it has completed the acquisition of Schneider Power.

As a result of the deal, Jonathan Lundy, a former director and officer of Schneider Power, has been named to the board of directors of Quantum.

The new, enlarged company will combine wind and solar power generation development and alternative fuel and solar power technologies to create new tech for hybrid and fuel cell vehicles for North American customers.

"This acquisition creates a progressive, growth focused alternative energy company. We are excited about the upside potential Schneider Power brings to Quantum. The addition of Schneider's wind and solar renewable power projects is a significant step in our business strategy to become a more diverse alternative energy company," Alan Niedzwiecki, Quantum CEO said in a release.

"We welcome Mr. Lundy to our board of directors. His extensive experience in renewable energy will be of tremendous value to our board and stockholders."

Earlier this year, Quantum has been elected by the US Postal Service (USPS) to supply an electric vehicle which will be used as a postal delivery vehicle. The selection came after Quantum competed with four other companies and, depending on the 12-month test program which will be conducted by the USPS in Washington, Quantum may supply more similar vehicles.

"We are excited to have the opportunity to demonstrate the performance, efficiency, and reliability of Quantum's Quiet electric drive system to the US Postal Service," Niedzwiecki said at the time.