Canada’s Schneider Power Inc. has been acquired by Irvine-based Quantum technologies Inc., a maker of parts for alternative fuel powered cars in a stock deal worth $20 million. Using self-owned stock Quantum plans to buy completely the shares and warrants of the Toronto based firm which totals $71 million. Schneider develops wind farms and solar power.

On Wednesday, Quantum’s stock concluded at almost 5% to a market value of about $130 million. This deal widens its horizons to sell alternative energy in the commercial market, said a representative.
A new plug-in electric sedan is being produced by Fisker Automotive Inc. from Irvine and Quantum is providing it with the engine, transmissions and other parts. Quantum also works for automakers and the military by making power trains for hydrogen vehicles.

Despite having sales of $27 million for the 12 months through October, Quantum has suffered a loss of almost $67 million. The company has reportedly received an investment from Norwegian hydrogen energy company New Energy Systems LLC, worth $20 million from which it’ll build a solar panel factory in Irvine. Under the terms of this new deal, New Energy will have a 34% ownership share in Quantum from now on.

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