Schneider Power Inc.

Schneider Power Inc.

January 23, 2012 08:30 ET

Schneider Power Announces Retirement of Executive Chairman

TORONTO, CANADA--(Marketwire - Jan. 23, 2012) -

Editors' Note: There is a photo associated with this press release

Schneider Power Inc. ("SPI"), a wholly owned subsidiary of Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ:QTWW), announced today the retirement of Bernd Schneider who will step down as Executive Chairman of SPI and leave SPI's Board of Directors on March 30, 2012, completing a seamless transition which began when Quantum acquired Schneider Power two years ago.

His son, Mr. Thomas Schneider, one of Canada's premier renewable energy executives and the founder of SPI in 2004, will continue to set strategies and oversee day-to-day operations of the company as President. Alan P. Niedzwiecki, President and CEO of Quantum, serves as Chairman of SPI.

Mr. Schneider said, "Bringing renewable energy to Canada and working with some of the best people in the business has truly enriched my life. I leave knowing that the people of Schneider Power have accomplished a great deal these last few years. Today Schneider Power is well-positioned to execute on its strategy to develop its pipeline of 1,000 megawatts of wind and solar projects," said Bernd Schneider. "I'm proud of what we have accomplished, and I'm confident that Alan and Thomas will provide focused leadership to accomplish greater success in years to come."

Quantum CEO Alan Niedzwiecki commented, "The Schneider's, with their 120-year family history in renewable energy, beginning with investments in hydro-electric projects in Germany in 1892, brought renewable energy to Canada," said Alan Niedzwiecki. "We really appreciate Bernd Schneider's tireless efforts in the development and positioning of Schneider Power as a premier renewable energy developer and independent power producer."

About Schneider Power

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a portfolio in excess of 1,000 MW of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America. Schneider Power is an independent power producer and licensed electricity generator in the Province of Ontario, Canada. Schneider Power is a wholly owned subsidiary of Quantum Fuel Systems Technologies Worldwide Inc. For more information, please visit www.schneiderpower.com.

About Quantum

Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Quantum Solarpower AG complement Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.

Forward Looking Statements:

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks including the ability of Schneider Power and Quantum to successfully finance and develop and enter into profitable power purchase agreements, the continued attractiveness of and government support for clean renewable energy and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

More information can be found about the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20120120-BS.JPG

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