Quantum's Fuel Storage System Selected for Natural Gas Light Duty Fleet Trucks; Receives $3.8 Million Purchase Order for Production Systems
IRVINE, Calif., July 11, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas, hybrid electric and hydrogen vehicle technologies, today announced that it has received a $3.8 million purchase order from a leading global natural gas vehicle engine and systems developer for supplying Quantum's industry-leading ultra-lightweight carbon composite compressed natural gas (CNG) storage tanks for a high volume light duty fleet pickup truck platform.
"We are pleased to partner with an industry leader to develop an optimized fuel storage solution for their natural gas fleet trucks," said Brian Olson, Chief Executive Officer of Quantum. "We are excited about the potential in this high volume market segment, as natural gas has clearly emerged as the fuel of choice for cost-conscious corporate and utility fleet managers, who are encouraged by the fast return on investment and the expanding CNG refueling infrastructure in this country."
The new CNG pickup trucks are designed to set a new standard for operational excellence by meeting or exceeding original equipment manufacturer (OEM) performance and durability standards, in combination with extended range enabled by the ultra-lightweight storage systems from Quantum. The trucks will be sold through authorized dealers and distributors, to enhance fleet managers' CNG vehicle purchasing experience.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of advanced vehicle propulsion systems, fuel storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes electronic and software controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and other alternative fuel technologies and solutions that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas, 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., and affiliate, Asola Solarpower GmbH, complement Quantum's alternative and renewable energy presence through the development and ownership of wind and solar farms, and the manufacture of high efficiency solar modules for traditional and automotive applications. Quantum is headquartered in Irvine, 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 Quantum's ability to secure materials and manufacture tanks to meet the customer demand, the customer's ability to market the natural gas vehicles, continued domestic availability of low cost shale gas, and the decisions by fleet managers to purchase natural gas trucks. 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.
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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