This one was always a long shot. Two companies, neither with a track record or revenues, putting out a press release about a million dollar deal. Usually when that happens nothing is ever heard of the deal again and it just fades away.
Freschfield had a list of strategic and limited partners when QMC announced the joint development agreement. I can't recall all the investors, but Nitto Denko, Samsung, BASF, and others were listed.
They have some high caliber investors which think the product is viable.