Quantum Awarded Contract for High Capacity Ultra Light-Weight Carbon Composite Natural Gas Vehicle Storage Systems
IRVINE, Calif., Jan. 31, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has secured a new purchase contract from a leading Utah-based natural gas vehicle integrator to supply a series of large capacity natural gas vehicle tanks for medium and heavy duty trucks that operate long distances.
The Quantum next generation high capacity Compressed Natural Gas (CNG) storage system was developed for the growing global market for natural gas vehicles, by offering fuel efficiency and reduced vehicle operation and maintenance costs. The Quantum tanks are substantially lighter than competing systems. They enable medium and heavy duty trucks to carry significantly more fuel on board and operate for long distances without the accelerated vehicle wear and tear associated with heavier natural gas storage systems. Quantum has successfully developed and supplied in excess of 20,000 natural gas systems to General Motors for production vehicles. Quantum was recently recognized as the ‘CleanTech OC Company of the Year 2010′, in Orange County, California.
“Quantum’s new high capacity ultra light-weight natural gas storage tanks will now enable heavy duty trucks to achieve a 500 mile range on CNG, allowing even more trucking fleets to convert to natural gas,” said Alan P. Niedzwiecki, Quantum’s President and CEO. “Our extended-range tank products are proving to be popular among U.S. truck operators that are taking accelerated action to operate their fleets on clean-burning, cost-effective CNG power.”
According to the California Energy Commission, natural gas-powered heavy duty vehicles reduce greenhouse gas emissions by up to 23% and particulate matter by up to 95% compared to conventional diesel-powered models. Natural gas fuel costs significantly less, on average, than diesel fuel. With natural gas prices at historic lows and projected to stay low, operation on compressed natural gas (CNG) can consistently save 40% or more compared to diesel.
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.
More information can be found about the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/.
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 Quantum's products and services at http://www.qtww.com/ or you may contact: Brion D. Tanous Principal, CleanTech IR, Inc. Email: firstname.lastname@example.org 310-541-6824 Dale Rasmussen 206-315-8242 Email: email@example.com
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.