Quantum Fuel Systems Technologies Worldwide files Bankruptcy Ch.11

Quantum Fuel Systems Technologies Worldwide – QTWW

Filed for Chapter 11 bankruptcy (that’s the regular full bankruptcy I think).

Why this matters? They were investors in and involved with the maker of one of the “hot” electric cars that was going to change the world. The Fiskar.

https://en.wikipedia.org/wiki/Fisker_Automotive

The company’s first and only product was the Fisker Karma, one of the world’s first production plug-in hybrid electric vehicles. It debuted at the 2008 North American International Auto Show, creating the premium green car segment in which most major manufacturers have since announced they would compete. Production was suspended in November 2012 due to financial difficulties, with about 2,450 Karmas built since 2011. The assets of the company were purchased by Wanxiang America, Corp., a Chinese auto parts maker, and the company was renamed Karma Automotive.
[…]
The 20.1 kWh (72.36 MJ) lithium ion rechargeable battery in each car came from A123 Systems in Watertown, Massachusetts. The aluminum frame was engineered by Fisker and was supplied by Norsk Hydro from Norway. The cabin interior was designed by Fisker Automotive, but was made in the United States by Magna International of Canada. The EVer powertrain system, technically a series hybrid, delivered over 400 horsepower, and was inspired by Quantum Technologies, a co-founder of and early investor in Fisker.

A few years back these were “hot stocks” and I briefly held a modest sized position in QFWW. I sold it, but kept a small ‘marker position’ to remind me to pay attention. (About a hundred dollars worth). But I stopped paying attention as I had much bigger things to deal with.

Then on 3/22/2016 the bankruptcy notice was went out. Well, at least I can make a posting out of it ;-)

It looks like the last couple of years they had been making mostly CNG gear for cars & trucks. Having lost their major customers for electronic drives, one presumes. At least, that’s what the website implies as of today:

http://www.qtww.com/

Lists a variety of CNG tanks and such for trucks. Given the low cost of CNG and the adoption in trucking, they ought to have had a decent market. One presumes some bigger player with lower costs entered their niche… But I really don’t care much about ‘why’.

Interesting to note that the German Wiki has an article about them, but not the English wiki. Interesting… (or maybe I just didn’t search long enough to find it…). Maybe Algore, who was a promoter of both “back then” (prompting me to comment that I was “invested alongside Algore” at the time) asked to have the embarrassment purged from the collective memory… One hopes he kept his considerable size stake to the end, but most likely dumped it when it started down, as I did for most of it.

https://de.wikipedia.org/wiki/Quantum_Fuel_Technologies_Worldwide

Die Quantum Fuel Technologies Worldwide, Inc., meist kurz Quantum Technologies genannt, ist ein Automobilzulieferer und Dienstleister für die Automobil- und Rüstungsindustrie mit Hauptsitz in Irvine (Kalifornien). Das Unternehmen ist an der US-amerikanischen Technologie-Börse NASDAQ gelistet. Der Umsatz betrug im Finanzjahr 2007 ca. 130 Mio. Dollar.

Entwickelt und hergestellt werden u.a. Brennstoffzellen, Wasserstofftanks, Wasserstofftankstellen, Wasserstoffmotoren, Lithium-Ionen-Batterien, Batteriekontrollelektronik, Hybridantriebe. Zu den Dienstleistungen gehören Entwicklungsarbeiten, Herstellung von Prototypen, Systemintegration. Quantum Technologies führt auch Rüstungsaufträge aus und entwickelt zurzeit für das amerikanische Verteidigungsministerium ein Stealthfahrzeug namens Aggressor Alternative Mobility Vehicle (AMV).

Fisker Karma

Quantum unterhält zusammen mit Fisker Coachbuild ein Gemeinschaftsunternehmen (Joint Venture) namens Fisker Automotive zur Entwicklung und Herstellung von Elektroautos in Irvine, Kalifornien. Der als Prototyp entwickelte Fisker Karma soll in Finnland beim Valmet Automotive gebaut werden.

Which Google Translate renders as:

The Quantum Fuel Systems Technologies Worldwide, Inc., Inc., usually abbreviated Quantum Technologies, is an automotive supplier and service provider for the automotive and defense industries, headquartered in Irvine (California). The company is listed on the US NASDAQ technology stock exchange. Sales in the financial year 2007, approximately 130 million dollars.

Be designed and manufactured i.a. Fuel cell, a hydrogen tank, hydrogen filling stations, hydrogen motors, lithium-ion batteries, battery control electronics, hybrid drives. Services include development, prototyping, system integration. Quantum Technologies also leads defense contracts and is currently developing for the US Defense Department a stealth vehicle called Aggressor Alternative Mobility Vehicle (AMV).

Fisker Karma

Quantum maintains with Fisker Coachbuild a joint venture (JV) called Fisker Automotive for the development and production of electric cars in Irvine, California. The developed prototype Fisker Karma will be built in Finland at Valmet Automotive.

Which more or less matches what my (very very rusty limited) German said it was.

So it looks like that whole “green energy” market is a pretty rough and tumble place. Vendors dropping like flies in the transport area.

http://www.streetinsider.com/Corporate+News/Quantum+Fuel+Systems+%28QTWW%29+Files+Chapter+11+Bankruptcy/11443020.html

Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. The Company intends for the Chapter 11 filing to enable it to seek an acquirer through an expeditious 363 sale process.

The Company, subject to obtaining court approval, has secured a $6.0 million debtor-in-possession financing commitment from Douglas Acquisitions, LLC, an affiliate of existing second position secured creditors of the Company.

The Company has filed customary first-day motions with the Bankruptcy Court intended to support the continuation of its day-to-day operations for customers, employees, vendors and suppliers, and other business partners.

Back in the old days you at least got a paper stock certificate to hang on the wall to remind you of that trade, now they just silently remove the entry from your account statement… Oh Well.

This is (was?) one of about a half dozen “alternative energy” stocks I bought and had “marker positions” in. I generally have a passion for interesting alternative energy methods and systems. 100% of them have ended up tanked or simply gone. In most cases only leaving me with a $100 or so “cost for playing” as I generally sell large positions once the chart rolls down. I started doing “marker positions” after several things I was trading “turned up” and I missed the entry as I was sold out at the prior top and had stopped paying attention to them. I guess there is no easy solution for lack of self discipline and persistence in checking a stock list Every Single Day. Oh Well ;-)

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About E.M.Smith

A technical managerial sort interested in things from Stonehenge to computer science. My present "hot buttons' are the mythology of Climate Change and ancient metrology; but things change...
This entry was posted in Economics - Trading - and Money, Energy, News Related and tagged , , . Bookmark the permalink.

3 Responses to Quantum Fuel Systems Technologies Worldwide files Bankruptcy Ch.11

  1. BobN says:

    With the emergence of self-driving cars, there are presently 34 new car companies around the world. It will be interesting to see who makes it long term. We may see a lot of chapter 11 filings a few years down the road.

  2. John Silver says:

    I’m waiting for chapter 7.

  3. Sandy McClintock says:

    check this variant ;) It’s worth watching all the way through.

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