Quantum Technologies Inc., has announced plans to acquire Canadian renewable energy provider, Schneider Power Inc. for stock valued at $20 million. Quantam Technologies Inc., among the leading producers of alternative fuel systems, has said the operation will serve to further its goal of becoming a fully integrated alternative energy company and advancing the commercial use of alternative and renewable energy.
The deal will unite Schneider’s wind and solar power development with Quantum's alternative fuel technologies and solar power technologies.
Quantum, which is based in Irvine, CA will acquire all 71 million outstanding shares of Toronto's Schneider Power, in addition to all of Schneider Power's outstanding warrants.
Shares of Quantum rose 2 cents to $1.29 following the acquisition announcement in afternoon trading
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