LAKE FOREST, Calif., April 23, 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 been notified by the California Energy Commission's (CEC) Public Interest Energy Research Program that Quantum's proposal in response to the Program Opportunity Notice entitled "Advanced Natural Gas Engine Research and Development for Class 3 through Class 7 Applications" has been recommended for a $1 million grant award. Southern California Gas has also committed additional funding to help the project meet its technical goals.
The grant will fund the development and validation of a low-cost, multi-port fuel-injected natural-gas fuel system and engine with advanced controls, designed for Class 3 to Class 7 fleet applications such as buses, medium-duty trucks, and port freight-handling vehicles. Quantum's partners in this project are Power Solutions International, Inc. (PSI) a leading cleantech engine manufacturer, technology and strategy consultancy Ricardo, and the University of California, Riverside. The project will utilize PSI's new 8.8-liter engine for the base engine, targeting a 20% improvement in fuel economy and a 16% improvement in power density for the natural gas version to meet an urgent market need for advanced natural gas options for medium duty applications.
"We are excited and honored to have been selected by the California Energy Commission and to be working with PSI and Ricardo, proven leaders in their respective fields," said Brian Olson, CEO and President of Quantum. "We are pleased to leverage our decades of experience in developing natural gas fuel systems and fill a need in the industry that is in short supply of natural gas engines for the high growth medium duty market segment."
"We thank CEC for funding the development of clean-energy answers to America's transportation issues," said Gary Winemaster, CEO of PSI. "This project addresses the number one market barrier for natural-gas vehicles—the high price differential of natural-gas engines, by offering fleet owners a lighter, more efficient 8-liter class option at a lower cost than anything commercially available today."
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 is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.
About Power Solutions International, Inc.
Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emission-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to global original equipment manufacturers in the industrial off- and on-road markets. The company's in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels including natural gas, propane, biogas and gasoline.
PSI develops and delivers complete power systems with engines ranging from .97-Liter to 22-Liters of displacement, including the new 8.8-Liter engine aimed at the industrial and on-highway markets including medium duty fleets, delivery trucks, school buses and garbage/refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural, and construction equipment.
Ricardo plc is a global, world‐class, multi‐industry consultancy for engineering, technology, project innovation, and strategy. With almost a century of experience in engine and vehicle development, Ricardo employs over 2300 professional engineers, consultants, and staff who are committed to providing outstanding value through quality engineering solutions focused on high efficiency, low emission, class‐leading product innovation and robust strategic implementation. Ricardo's client list includes the world's major transportation original equipment manufacturers, supply chain organizations, energy companies, financial institutions and governments. www.ricardo.com
Contacts and Verifications:
More information can be found about the products and services of Quantum at http://www.qtww.com/ or you may contact:
Brion D. Tanous
CleanTech IR, Inc.
More information can be found about the products and services of PSI at http://www.psiengines.com/ or you may contact:
Director of Marketing
Power Solutions International, Inc.
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 final approval of the grant by CEC at a public business meeting, successful execution of the grant agreement, ability of Quantum and partners to successfully complete the project and develop and market the natural gas engine. 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.
©2013 Quantum Fuel Systems Technologies Worldwide, Inc.
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