Quantum Secures Additional Contract for High Capacity Ultra-Light Weight Carbon Composite Natural Gas Storage Systems
IRVINE, Calif., Nov. 17, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that it has received a new purchase contract for compressed natural gas (CNG) storage tanks from a US natural gas vehicle integrator specializing in light duty fleet and commercial vehicles.
As part of this contract, Quantum will supply 100 of its proprietary high capacity ultra-lightweight carbon composite natural gas vehicle on-board fuel storage tanks. Quantum’s light-weight tanks enable relatively simple installation, without the expense and added weight of heavy structural reinforcement that is necessary to support and secure competing tanks that are up to 400% heavier. Light-weight tanks also help to lower operation and maintenance costs, while improving gas mileage and payload capacity. Quantum offers the lightest and most advanced CNG storage systems in the world today, enabling trucks and buses to carry significantly more fuel on board and operate for long distances without compromising their payload/passenger capacity or driving characteristics.
“We are pleased with the increased recognition of natural gas as an inexpensive domestic fuel that helps to displace imported oil, while also saving money and reducing carbon emissions,” said Alan P. Niedzwiecki, Quantum’s President and CEO. “Quantum, with our world-leading experience in developing and supplying advanced fuel storage, fuel metering and control systems for major automakers, is well-positioned to help our customers with attractive solutions based on proven technologies.”
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Advanced and Automotive Solar Systems GmbH complement Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules. Quantum’s portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies 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 fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
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 such as the timing and delivery of the storage systems, the Company’s competitive advantage in light weight storage and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. 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.
Ã‚©2011 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.