Quantum Receives $750,000 in New Orders for Natural Gas Vehicle Fuel Storage Systems
IRVINE, Calif., Jan. 31, 2012 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced it has received new purchase orders totaling $750,000 for its ultra light weight composite high pressure compressed natural gas (CNG) storage tanks for applications in heavy duty and light duty fleet vehicles.
Alan Niedzwiecki, President and CEO of Quantum, stated, “We are excited about this expanding CNG order flow and the prospects for our CNG business. We believe that revenues from the sale of CNG tanks will more than double in 2012 and, combined with the expected Fisker Karma production ramp, we are forecasting 2012 to be a year defined by significant revenue growth.” Mr. Niedzwiecki continued, “The demand for Quantum’s ultra lightweight high capacity CNG storage systems continues to increase as fleets recognize the significant cost saving benefits in operating their vehicles on compressed natural gas.”
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 Solarpower 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 and uncertainties, such as whether growth in the CNG industry continues in 2012 at the rate we are forecasting, the timing and delivery of the CNG storage systems, the number of CNG orders the Company actually receives during the 2012 calendar year, whether the Company’s is able to maintain a competitive advantage in CNG light weight storage systems, whether we are able to meet our customers demand for CNG storage systems, the number of production orders we receive from Fisker Automotive, Inc. during the 2012 calendar year, and those risk and uncertainties described in the “Risk Factors” section of our periodic filings with the Securities and Exchange Commission, could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. Except as otherwise required by law, 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.
©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.