LAKE FOREST, Calif., Jan. 14, 2015 /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 received an initial order for both its Q-CabLITE and Q-RailLITE fuel modules from a leading refuse company that is expanding its natural gas vehicle fleet. The refuse natural gas vehicle market is established and has demonstrated stable and sustainable growth and represents an emerging market for Quantum within the natural gas vehicle industry. Quantum can exploit and migrate its existing storage tanks and systems into this market segment and provide unique packaging through its system integration expertise, capabilities and relationships.
"The refuse market has contributed greatly to the adoption of CNG and we are excited to be fully entering this market segment by leveraging our industry leading storage technologies," said Mr. Brian Olson, President and CEO of Quantum. "Pursuing this established natural gas vehicle market provides volume and economies of scale for our in-house production and at the same time complements our expanding market position in the carrier and over the road market," concluded Mr. Olson.
Quantum's Q-RailLITE™ and Q-CabLITE CNG storage modules are integrated CNG fuel systems for heavy-duty truck applications, including carrier and refuse vehicles. The Q-RailLITE™ product line has been developed to be managed and installed on the traditional open rail-space on a vehicle. The Q-CabLITE™ product line is installed behind the cab allowing for a larger capacity of CNG. Each module contains Quantum's proprietary, ultra-light Q-Lite® CNG storage cylinder, which further minimizes weight and increases fuel capacity.
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. 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 the growth of the CNG market for both the refuse and carrier applications and acceptance of the Company's product. 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
Email: [email protected]
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.