Quantum Receives Over $700,000 in Orders for Natural Gas Vehicle Fuel Storage Systems
IRVINE, Calif., March 22, 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 additional purchase orders exceeding $700,000 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, “The low natural gas prices, combined with the availability of new EPA-compliant natural gas trucks from major OEMs is prompting many corporations to re-evaluate their fleet strategies to include clean natural gas trucks. Natural gas vehicles are an ideal solution to meet corporate ‘greening’ and sustainability goals, while also benefiting from tremendous savings in fuel costs.”
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 on board 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. Quantum has supplied in excess of 20,000 OEM-quality natural gas vehicle fuel systems to General Motors since 1997.
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 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.
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.