Quantum Announces a Breakthrough Technology Advancement for Natural Gas and Hydrogen Fuel Storage Technology Advancement Leads to Significant Potential for Improvement in Storage Efficiency and Reduction in Cost
LAKE FOREST, Calif., June 3, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas, alternative fuel systems and clean propulsion vehicle technologies, today announced that it has developed an alternative new technology leap for lightweight carbon composite compressed natural gas and hydrogen fuel tanks utilizing selective fiber placement that leads to significant reduction in weight and cost – demonstrating more than 20% reduction in material utilization. The underlying methodology for the design and analysis of discrete composite elements was developed by Quantum, and the manufacturing process involving discontinuous reinforcing fibers was further developed and demonstrated under collaboration with the Boeing Company and the Pacific Northwest National Labs, under sponsorship by the Office of Energy Efficiency and Renewable Energy of the US Department of Energy. Past Department of Energy programs at Quantum have led to technology advancements that have been successfully implemented in production tanks.
"Quantum continues to innovate and enhance our industry-leading ultra-lightweight storage tank technology," said Brian Olson, President and Chief Executive Officer of Quantum. "We are pleased that this exciting breakthrough will significantly reduce the use of expensive carbon fiber, which resulted from a multi-year development program in partnership with global leaders in utilizing lightweight materials."
Quantum currently produces one of the lightest and highest capacity natural gas and hydrogen on-board storage systems in the world. Developed at Quantum's technology campus in Lake Forest, California, Quantum's advanced natural gas storage systems provide dramatic weight reduction, increased fuel storage capacity, and the capability to quickly integrate these systems. Quantum combines nearly 20 years of system integration experience with strong expertise in software, calibration, fuel system integration, emission and durability testing, validation, and manufacturing capabilities.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light‐weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.
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 and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Risk factors include whether the developed technology can be successfully transitioned into production, after meeting all product validation requirements and investment in processing equipment. 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 about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
Brion D. Tanous
CleanTech IR, Inc.
©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center, 25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.