Quantum Announces New 400 Series High Capacity Ultra-Light-Weight Natural Gas Storage System for Commercial Truck Fleets
IRVINE, Calif., Feb. 14, 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 has introduced a new composite compressed natural gas (CNG) tank targeting the expanding commercial natural gas fleets including refuse truck applications. The new 400 Series CNG storage tank was designed incorporating feedback from Quantum’s customers and has a Diesel Gallon Equivalency (DGE) of 26 gallons. Quantum’s composite tanks are the lightest in the industry, requiring less structure for mounting support, thereby increasing available payload. In addition, Quantum’s tanks maximize on board storage capacity resulting in greater driving range. These advantages, in addition to ease of installation and service, distinguish Quantum’s composite tanks from the competition.
“President Obama has proposed a credit equivalent of 50 percent of the extra cost of purchasing a natural gas-powered truck compared with one that runs on diesel or gasoline,” said Alan P. Niedzwiecki, the President and CEO of Quantum. “Such incentives make conversion to inexpensive, clean burning and US-produced natural gas fuel even more attractive due to high return on investment and short payback. Quantum offers proven, class-leading products and technologies for natural gas truck fleets including class 7-8 commercial trucks and refuse trucks.”
There are an estimated 140,000 refuse trucks on the road today. It has been reported that there has been a 1,300 percent increase in the number of natural gas powered refuse trucks in operation in the US since the 90s. This trend is expected to accelerate as more refuse truck fleet operators recognize the rapid payback and environmental benefits of CNG powered trucks. Nation’s largest refuse truck companies – Waste Management and Republic Services – are converting large percentages of their fleets to CNG According to Jim Johnson (Waste and Recycling News). As of August 2011, Waste Management had 17 CNG refueling stations in operation with another 30 planned, and Republic Services had approximately 500 CNG powered refuse trucks in operation with a goal of reaching 800 CNG powered trucks in their fleet by the end of 2012.
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 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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.