LAKE FOREST, Calif., July 30, 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 recently was awarded a follow on $1.0 million software development contract by ZHRO™ Solutions LLC, based in Chandler, Arizona under a strategic development program. The new contract, which is in addition to the $6.0 million in development contracts previously awarded to Quantum by ZHRO, is for Quantum to advance the fuel system control software and oversee the development and integration of the engine control software system.
Under the development program, Quantum and ZHRO will develop a cost-effective, complete natural gas aftermarket system solution for the nation's estimated 4 million medium and heavy duty trucks currently running on more expensive diesel fuel. Quantum is developing fully-integrated compressed natural gas storage and fuel delivery systems for cost-effective aftermarket conversion of heavy duty diesel fleets to run on natural gas. The fuel system module being developed by Quantum includes its industry-leading high capacity ultra-lightweight Q-Lite® natural gas fuel storage tank and system, the integration of all the fuel delivery components, and the control software to operate the fuel system. As part of the contract with ZHRO, Quantum is overseeing the development of the engine control software in order to operate the engine efficiently with ZHRO's innovative fuel injection system.
ZHRO has developed an operating and marketing model to accelerate the commercial launch of their breakthrough technology and has already contracted with a significant number of North American distributors for sales and installation of ZHRO's fuel injector/engine conversion system.
"We not only continue to advance our relationship with ZHRO solutions but also the development and commercialization of the complete system solution," said Brian Olson, President and CEO of Quantum. "These advancements are leveraging Quantum's extensive experience and successes in providing vehicle level integration, validation and production of advanced natural gas fuel system and storage solutions."
"Our continued focus is to provide a unique conversion solution to our end users and we are pleased that the relationship with Quantum continues to provide us movement toward successful implementation of that strategy," said John Madrigal, COO of ZHRO.
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.
ZHRO Solutions, LLC is an innovative Clean-Tech company headquartered in Chandler, AZ that is focused on developing and commercializing proprietary advanced technology for use in the conversion of heavy duty diesel trucks to natural gas.
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 successful completion and development of the CNG fuel system by Quantum, the successful validation and commercialization of injection systems by ZHRO, market acceptance of the developed CNG fuel system and the continued cost-effectiveness of natural gas fuel. 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.
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