LAKE FOREST, Calif., May 7, 2014 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced its strategic direction to service the heavy duty OEM market segment, in addition to other market segments, with natural gas storage systems. The Company recently announced a major long-term supply agreement with a major transportation company under which the Company will supply compressed natural gas (CNG) fuel storage tanks and module systems. This new relationship is an early indicator of the Company's ability to provide the industry with fully integrated systems and at the same time diversify its existing customer base by leveraging its core expertise in advanced tank technologies and systems integration and being a one-stop-shop for OEMs and fleets for complete CNG fuel systems. The Company indicated that this strategy is the culmination of a careful and thought out plan over the past several months and is based on the Company's desired direction, feedback from market participants seeking lower cost solutions, the Company's technology advantages, and experience and capabilities of its personnel.
The Company has demonstrated its ability to develop cost-effective modules and systems around its industry leading tank technology for various vehicle applications, including heavy duty trucks. During 2013, the Company introduced rail mounted storage systems for both medium duty and heavy duty trucks, and in March 2014 it introduced an innovative light-weight back-of-cab (BOC) storage system that was first showcased at a major truck exposition by Peterbilt. These adaptable fuel storage module systems provide exceptional cost, weight and capacity per DGE (Diesel Gallon Equivalent) advantages compared to other competitive products.
Based on these product introductions, the Company has received strong interest for its BOC system and other derivative system configurations based on combining the Company's rail mounted systems with its BOC system. The Company is currently expanding its tank and CNG storage system production capacity for both rail mounted and BOC systems to meet third quarter production readiness. The Company will continue to provide key customers pre-production units leading up to the meaningful production levels targeted in the second half of calendar 2014. The Company will also continue to leverage specific relationships to assemble and install these systems on vehicles in facilities and with companies already located next to OEM customers.
"We are currently positioned to take full advantage of our core strengths and provide complete fuel storage modules to the heavy duty and medium duty truck industry and provide exceptional value to our targeted customers," commented Brian Olson, President and CEO of Quantum. "We anticipate that the combination of our advanced tank technology and integration expertise, which we believe is unmatched in the industry, will drive significant levels of product orders from new customers in the coming months and that we are well positioned to be a significant supplier of fuel storage systems to the heavy duty trucking industry."
The Company further stated in response to a recent announcement by Agility Fuel Systems, that Agility has an existing purchase order in place with the Company and both parties have communicated their intent to honor these arrangements and extend the purchase arrangement at least through December 31, 2014 to ensure uninterrupted deliveries to the existing customer base.
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. Examples of forward looking statements included in the press release include our anticipation that our combination of our advanced tank technology and integration expertise will drive significant levels of product orders from new customers in the coming months. 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. Such risks include the growth of the CNG market, market acceptance of the Company's product and our ability to successfully compete as a supplier of complete CNG systems. 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.