The acquisition of Schneider Power will enhance Quantum’s position as a fully integrated alternative energy company with technologies and capabilities to further the commercial use and adoption of alternative and renewable energies.

The transaction will combine Schneider Power’s wind and solar power generation development portfolio with Quantum’s alternative fuel technologies and solar power technologies to create a fully integrated renewable energy company. The combined companies’ portfolio will encompass products that enable energy efficient utilization in hybrid and fuel cell vehicles to solar module manufacturing and clean electricity generation for North American consumers.

Alan Niedzwiecki, president and CEO of Quantum, said: “We believe this acquisition will further expand Quantum’s commitment to alternative energy and wind / solar farm development capability with expanded resources in terms of development and operation of renewable energy farms. We are excited about their shovel-ready power-generation projects in addition to their portfolio in excess of 1,000MW of solar and wind electricity generation development projects located across two continents.”

Lewis Reford, CEO of Schneider Power, said: “We are bullish about the future of Schneider Power and we are even more excited about the possibilities this combination brings to our business. This merger allows our shareholders to rapidly transition from a successful niche in small renewable energy project development to a dynamic and exciting diversified alternative energy platform while allowing Quantum investors to participate in the significant wind and solar project pipeline of the two companies moving forward.

“Through this transaction we will gain access to Quantum’s broad investor base and strong project partner relationships in the US marketplace. For these reasons, Schneider Power’s Board supports this transaction which creates a new aggressive, growth focused alternative energy company.”