Quantum Awarded Contract from Mahindra & Mahindra (India) for Hydrogen Vehicle Development
IRVINE, Calif., Jan. 12, 2012 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ:QTWW), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced that it was awarded an engineering development contract from the leading Indian automaker Mahindra & Mahindra Ltd., to develop hydrogen systems for a mini-bus platform. Under this contract, Quantum will engineer and modify Mahindra’s 2.5L engine to run on clean hydrogen, while improving vehicle performance characteristics through enhanced electronic control software strategies and engine calibration. Quantum will supply its world-leading ultra-light weight hydrogen storage system and proprietary hydrogen fuel injection system for this application.
The program involves the design, development and testing of a prototype hydrogen internal combustion engine suitable for commercial vehicle application and integration of light-weight fuel storage system. Quantum will define and implement engine electronic control strategy, and perform emission, performance and durability testing of the hydrogen fuel system at Quantum’s state-of-the-art test facility at its Advanced Concepts Center in Lake Forest, California.
“This initiative is a significant opportunity for Quantum, to further demonstrate the benefit of utilizing Quantum’s hydrogen internal combustion technologies in commercial vehicle applications,” said Alan P. Niedzwiecki, President and CEO of Quantum. “We are pleased to work with Mahindra and Mahindra on this important project to demonstrate the potential for hydrogen in reducing emissions.”
In India, the transportation sector accounts for nearly 20% of green house gas emissions. India is making effort through various alternative technologies on transport vehicles to limit green house gas emissions. Hydrogen is identified as one of the key fuels in the long term to mitigate emission.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, rural financing and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defense, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers. A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company. For further information, please visit www.mahindra.com
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 including suitability of Quantum’s technologies for engines and vehicles from India, on time delivery of the engines from India, any futures orders 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 Dale Rasmussen Principal, CleanTech IR, Inc. Quantum Technologies Email: firstname.lastname@example.org Email: email@example.com -------------------------------- --------------------------- 310-541-6824 206-315-8242
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.