Quantum Announces Receipt of Multiple Purchase Orders from Ryder for Quantum's Q-RailLITE™ and Q-CabLITE™ CNG Storage Systems
LAKE FOREST, Calif., Aug. 12, 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 receipt of multiple purchase orders from Ryder for more than 80 vehicles for Q-RailLITE™ and Q-CabLITE™ CNG fuel system modules.
In May 2014, Quantum and Ryder entered into a long term agreement for the purchase and supply of complete CNG fuel systems for businesses that lease and rent CNG vehicles from Ryder. With the agreement, Ryder will purchase innovative CNG tank systems directly from Quantum and install them onto NG-powered vehicles using Ryder's network of certified installation facilities.
"As an industry leader, Ryder is creating opportunities to speed the adoption of natural gas vehicles in commercial fleets," said Mr. Brian Olson, President and CEO of Quantum. "Ryder's leasing and rental business model and expertise in natural gas vehicle maintenance enables more businesses to experience the benefits of this new technology with minimal risk and maximum return on investment," concluded Mr. Olson.
Quantum's Q-RailLITE and Q-CabLITE CNG fuel modules are integrated CNG fuel systems for heavy-duty truck applications. The Q-RailLITE product line has been developed to be managed and installed on the traditional open rail-space. The Q-CabLITE product line is installed behind the cab allowing for a larger capacity of CNG. The systems have integral fuel receptacle(s), pressure gauge, safety systems (including shut-off valves), pressure relief device(s), pressure sensors and fuel metering subsystems (including pressure regulator and thermal management). Each of these modules contain Quantum's proprietary, ultra-light Q-Lite® CNG storage cylinder, which further minimizes weight while increasing fuel capacity.
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.
About Ryder: Ryder is a FORTUNE 500® commercial fleet management and supply chain solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Inbound Logistics magazine has included Ryder in its "Green Partners" listing for five years in a row. Ryder is a charter member of the NGV Fleet Forum and a member of the Department of Energy's National Clean Fleets partnership. Ryder is also a recipient of the 2011 NGV Achievement Award. A member of the American Red Cross Disaster Responder Program, Ryder is proud to support national and local disaster preparedness and response efforts. For more information, visit www.ryder.com and follow Ryder on Facebook, YouTube, and Twitter.
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 the growth of the CNG market and acceptance of the Company's products. 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:
Quantum Investor Relations
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.