LAKE FOREST, Calif., May 6, 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 it has entered into a long-term agreement with Ryder System, Inc. (NYSE: R) for the purchase and supply of complete compressed natural gas (CNG) fuel systems that will help reduce costs and increase vehicle uptime for businesses that lease CNG trucks from Ryder. With the agreement, Ryder will purchase state-of-the-art CNG tank systems directly from Quantum and install them onto CNG-powered vehicles with a team of Ryder technicians using state-of-the-art industry procedures related to these systems. Natural gas tank storage systems are one of the most expensive components of a natural gas vehicle. By purchasing the systems direct, Ryder can pass savings onto its lease customers, ultimately delivering a faster return on investment for this natural gas vehicle technology. Ryder will be the first transportation company to use Quantum's OEM-quality CNG systems on a national scale. In addition to the purchasing agreement, Quantum and Ryder will work together to improve future fuel system designs, based on Ryder's market leadership and experience operating CNG vehicles in commercial truck applications.
"Next to the limited commercial fuel infrastructure, the biggest barrier to the broad adoption of natural gas vehicles is the initial cost of the technology," stated Ryder President of Global Fleet Management Solutions, Dennis Cooke. "This relationship will help make compressed natural gas vehicles more affordable and reliable, so more businesses can take advantage of their environmental and efficiency benefits."
Quantum is a global leader in CNG storage systems, integration and vehicle system technologies. Quantum produces one of the most innovative, advanced, and lightweight compressed natural gas storage tanks in the world. Ryder will be using Quantum's Q-lite™ CNG tank system, which is lighter than other tank systems on the market, making it highly effective in delivery applications where payloads have increased and on-board weight saving is essential. The high capacity systems are designed for superior reliability, helping to improve vehicle up-time. The adaptable model design is ideal for medium and heavy duty trucks, and provides exceptional cost, weight, and capacity (Diesel Gallon Equivalent - DGE). Ryder's maintenance team has worked with Quantum to develop comprehensive procedures to ensure that tank system installations will meet the highest industry standards.
"With Ryder, we can bring our leading-edge natural gas tank storage and system technology to a larger base of businesses that are looking to improve efficiencies, save on fueling costs, and get better performance from their natural gas fleets," said Brian Olson, President and CEO of Quantum. "Our Q-Lite™ natural gas storage module is gaining increasing market attention due to its storage efficiency and light weight characteristics that help to improve performance and increase fuel range in commercial trucking applications."
Ryder is the market leader in natural gas vehicle and maintenance solutions for the commercial transportation industry. Businesses can tap into Ryder's extensive knowledge of natural gas vehicle operations, expanding maintenance network, and its highly trained and experienced technicians, to ensure the safe operation, maintenance, and fueling of natural gas vehicles. Ryder's leasing and rental business model enables businesses to "test" the new technology with less risk of downtime, as well as insulate themselves from the unknown residual risk.
Ryder's natural gas fleet includes over 500 compressed and liquefied natural gas vehicles operating more than 20 million miles, and serving over 40 customers in California, New York, Texas, Arizona, Michigan, Utah, Georgia, and Louisiana. Ryder also operates two Liquefied to Compressed Natural Gas (LCNG) fuel stations at its maintenance facilities in Orange and Fontana, California.
Ryder is a FORTUNE 500® commercial transportation, logistics and supply chain management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder has been ranked three years in a row as one of the top 250 U.S. companies in the Newsweek Green Rankings. Ryder is a charter member of the NGV Fleet Forum and a member of the Department of Energy's National Clean Fleets partnership. Ryder is also a recipient of the 2011 NGV Achievement Award and has been recognized by the Carbon Disclosure Project (CDP) in the Carbon Disclosure Leadership Index. A member of the American Red Cross Disaster Responder Program, Ryder is proud to support national and local disaster preparedness and response efforts. For more information, visit www.ryder.com and follow us on Facebook, YouTube, and Twitter.
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.
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.