Quantum Fuel Systems Technologies Worldwide, a global leader in natural gas,
hydrogen and hybrid electric vehicle technologies, today announced that it has
received two new purchase orders from leading natural gas vehicle system
integrators for supplying its industry-leading, ultra-lightweight carbon
composite compressed natural gas (CNG) storage tanks for transportation
applications. The purchase orders are valued at $2.8 Million.
"These new orders are another strong endorsement of Quantum's technology and
products for natural gas vehicles, and reflect a significant opportunity in an
attractive market segment," said Brian Olson, the CEO of Quantum. "Natural gas
vehicles with Quantum's light-weight storage systems help to lower ownership and
operational costs, while truly benefiting from the historically low prices of
this domestically produced, clean fuel."
Natural gas-powered vehicles can be fueled for a third cheaper than other
vehicles, and emit less smog-forming nitrogen oxide and particulates. Quantum's
composite tanks are the lightest in the industry, requiring less structure for
mounting support, thereby increasing payload and passenger capacity. In
addition, Quantum's tanks maximize onboard storage capacity resulting in greater
driving range. These advantages, in addition to ease of installation and
service, distinguish Quantum's carbon composite tanks from the competing
metallic tanks.
About Quantum:
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,
Schneider Power and Asola at http://www.qtww.com/ or you may
contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
Email: btanous@cleantech-ir.com
310-541-6824
©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.
Source: PR Newswire (http://s.tt/1e2WC)