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Quantum Awarded Contract for Natural Gas Systems for Volvo-Eicher Commercial Vehicles in India

Posted on: Wednesday, 18 March 2009, 08:30 CDT

IRVINE, Calif., March 18 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that it has been awarded a contract for natural gas systems for BS-4 (equivalent to Euro-4) compliant engines for Volvo-Eicher Commercial Vehicles Ltd. Volvo-Eicher is a leading manufacturer of natural gas commercial vehicles for the Indian market. The contract awarded to Quantum is to upgrade Volvo's 4- and 6-cylinder engine platforms using Quantum's gaseous fuel injection systems and powertrain engineering expertise, to meet the stringent emission regulations that come into effect beginning in April 2010. Quantum's state-of-the art gaseous fuel injectors are fully validated, and known for their high precision and durability in both hydrogen and natural gas services. The engine development work will be performed at Quantum's Advanced Vehicle Concept Center in Lake Forest, California, in partnership with Shigan-Quantum Technologies Private Limited, an unrelated entity based in New Delhi.

"Quantum's proven clean fuel technologies are of interest to leading Indian auto, bus and truck manufacturers as they seek systems and technology solutions to meet the new standards coming into effect in 2010," commented Alan P. Niedzwiecki, the President and CEO of Quantum. "India holds one of the highest natural gas vehicle growth potentials in the world. The natural gas vehicle (NGV) industry is proving to be recession-proof since natural gas sells at 20% of the price of gasoline in India."

Since 1997, Quantum has produced more than 20,000 OEM natural gas vehicle fuel systems for major automakers with Quantum listed as the manufacturer of record by the California Air Resource Board.

About Quantum

Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW), 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 portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel 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, alternative 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.

More information can be found about Quantum's products and services at http://www.qtww.com

Quantum is a member of the Russell 2000(R) and Russell 3000(R) indexes.

Forward-Looking Statements

Statements in this document regarding future financial and operating results, future growth in customers and development programs, the development and commercialization of natural gas vehicles, new or expanded customer contracts, the commitment of customers and other entities, future opportunities for Quantum, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including but not limited to statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: variations in pricing, engineering and material costs, development costs, other general costs and expenses; other new model platforms; the ability to retain key personnel; the Company's ability to successfully execute its business strategies; growth of the hybrid vehicle market; the levels of commitment by OEMs, governments and other entities to the commercialization of hybrid and alternative fuel technologies; our dependence on a concentrated number of customers for a substantial majority of our revenues; the timing of product cycles for our OEM customers; delays in the development of a commercial market for our products; our reliance on a limited number of suppliers for raw materials used in our products; shortages of raw materials; competitive conditions in the industry; business cycles affecting the markets in which the Company conducts business; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2008 and in the other documents filed by Quantum with the Securities and Exchange Commission.

Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management as of the date of this press release, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.

For more information regarding Quantum, please contact: Dale Rasmussen Quantum Fuel Systems Technologies Worldwide, Inc. Investor Relations Email: DRasmussen@qtww.com +1-206-315-8242

SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.

Source: PR Newswire

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