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Alternative-Fuel Vehicle Parts Maker Quantum Raises $12.3M

Irvine-based Quantum Fuel Systems Technologies Worldwide Inc., a maker of key parts for alternative-fuel vehicles, has raised $12.3 million in a private stock sale.

Quantum didn’t specify what it planned to do with the proceeds.

In a filing with the Securities and Exchange Commission, the company said it could use the money for possible acquisitions or expansion, funding cost cutting initiatives and repaying debt, among other uses.

Quantum sold the shares in chunks including 1,000 stocks each plus a warrant to buy up to 100 more shares. The company issued 20.1 million shares for the offing.

As of Jan. 31,the latest available from Quantum,it had $7.7 million in cash on hand. The company has delayed results for the 12 months through April.

Quantum had revenue of nearly $6 million for the three months through Jan. 31 and an operating loss of $12 million.

The company, which has a market value of about $75 million, has made power trains for hydrogen vehicles for the military and automakers.

While growth has been slow to realize, much of Quantum’s prospects now lie in a venture with Irvine’s Fisker Automotive Inc., which is set to deliver a plug-in electric luxury sedan later this year.

Quantum is providing the engine, transmission and other parts of the Fisker’s cars.

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