Quantum Announces Additional CNG Tank Orders
LAKE FOREST, Calif., Feb. 6, 2014 /PRNewswire/ ‐‐ Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that it has recently received approximately $2.0 million in additional orders for its Q-Lite® CNG storage tanks. The orders are from a combination of new and existing customers widely distributed around the US and Canada. These orders reflect the continued strong growth of natural gas and sets the stage for continued growth in 2014.
Quantum's CNG tanks are helping fleets reduce transportation costs and these orders reflect opportunities across many vehicle truck sizes, including light duty to heavy duty trucks. CNG is now being adopted as the low cost fuel of choice by many major fleets across the US.
"The substantial savings achieved by many of the fleets which have been testing CNG vehicles is now translating into volume orders," said Mr. Brian Olson, President and CEO of Quantum. "We expect this trend to only accelerate in 2014 as the recently introduced 11.9L engine becomes available in higher volumes," continued Mr. Olson.
About Quantum 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 Cummins 11.9L engine becomes available in higher volumes, whether the cost of natural gas continues to remain low, and whether fleets continue to adopt CNG at the levels we anticipate. 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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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