LAKE FOREST, Calif., April 1, 2013 /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 signed a vehicle development and exclusive production agreement and received a purchase contract from a leading global automaker for engineering design and development of the natural gas storage and engine fuel system for a production-intent compressed natural gas (CNG) passenger vehicle.
The contract involves the design, integration, and supply of a light-weight natural gas on-board fuel storage system, fuel handling and engine systems for an advanced internal combustion engine vehicle, to meet customer-specified quality, durability and performance targets.
"We are very pleased to have secured this contract to develop passenger vehicle systems, leveraging our experience in providing complete solutions for our customers – from concept to detailed engineering, integration, regulatory certifications, production supply, complete conversion support, and after sales service," said Brian Olson, the President and CEO of Quantum. "Passenger vehicles represent a high growth area for natural gas vehicles, one that complements our existing involvement with light to heavy duty truck applications."
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of natural gas fuel storage and system technologies, alternative fuel vehicles, and advanced vehicle propulsion systems. Quantum's portfolio of technologies includes natural gas and hydrogen storage and metering systems, electronic and software controls, hybrid electric drive systems, and other alternative fuel technologies and solutions that enable fuel efficient, low emission natural gas and hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of natural gas, plug-in hybrid, hydrogen-powered hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations.
Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. Quantum's wholly owned subsidiary, Schneider Power Inc., complements Quantum's renewable energy presence through the development and ownership of wind and solar farms.
Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the USA, Canada, Germany 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 the ability of Quantum to successfully complete the development contract and transition to the production program, and customer's ability and willingness to move forward with a production program. 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 can be found about the products and services of Quantum at http://www.qtww.com/ or you may contact:
Brion D. Tanous Principal, CleanTech IR, Inc. Email: email@example.com 310-541-6824
©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.