LAKE FOREST, Calif., Jan. 8, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas, alternative fuel systems and clean propulsion vehicle technologies, today announced that it has received a $2.5 million purchase order from GreenKraft Inc., a leading manufacturer of Class 3 to Class 6 medium duty trucks located in Santa Ana, California, for supplying fully-integrated fuel storage assemblies incorporating Quantum's ultra-lightweight Q-Lite™ compressed natural gas (CNG) fuel storage systems.
"We are pleased to combine our innovative, ultra-lightweight tank technology with our fuel system and storage assembly expertise and decades of experience as an automotive Tier-1 integrator to provide a turn-key solution for our customer," said Brian Olson, President and Chief Executive Officer of Quantum. "Quantum's advanced storage systems are configured to enhance the performance of these CNG medium duty trucks, which are ideal for small businesses such as food services, electric and construction contractors, pest control, plumbing and landscaping contractors. CNG has clearly become a most attractive fuel option for fleets, considering the historically high price differential between domestic natural gas and diesel, in combination with the $0.50 per gallon alternative fuel tax credit included in the American Tax Relief Act of 2013."
Quantum's fully-integrated rail-mounted fuel storage package will be 100% assembled and pre-tested in the factory. The design incorporates two ultra-lightweight composite natural gas tanks per truck, with modular high-strength brackets, aesthetically pleasing covers and integrated refueling receptacle. Designed and produced at Quantum's Technology campus in Lake Forest, California, Quantum's advanced natural gas storage systems provide dramatic weight reduction, increased fuel storage capacity, and the capability to quickly integrate these systems.
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., 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 Lake Forest, California, and has operations and affiliations in the USA, Canada, Germany and India.
GreenKraft Inc., located in Santa Ana California, is a manufacturer and distributor of innovative automotive products. GreenKraft, Inc. was created to introduce efficient automotive products focused on being both clean and green, which offer a price advantage, along with superior performance and safety features. GreenKraft, Inc. manufactures class 3, 4, 5, and 6 cab forward trucks that are used by businesses in a variety of industries in the U.S.A. GreenKraft also offers alternative fuel delivery systems for different vehicles.
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 and systems to meet the customer demand, and the customer's ability to market the natural gas trucks and purchase the full quantity of systems anticipated on the purchase order. 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 GreenKraft at www.GreenKraftInc.com or you may contact:
Director of Sales
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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.