Quantum Awarded Additional Contracts for Ultra-Light Weight Natural Gas Fuel Tanks for Light Duty Vehicles
IRVINE, Calif., Feb. 11, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has secured two new purchase contracts from large US natural gas vehicle integrators, AVS and Semi Service, to supply a series of high capacity natural gas vehicle tanks for light duty trucks. This is the third such order received by Quantum within 30 days, indicating accelerated natural gas vehicle market penetration in the US.
Quantum is a world leader in ultra-light weight gaseous fuel storage technology with a string of achievements including:
- World’s first 10,000 psi hydrogen system certified in year 2001
- World’s first 5,000 psi hydrogen system launched to the market in year 2000
- Lightest natural gas storage systems- 70% lighter than steel tanks
- Higher capacity – up to 30% more fuel storage capability vs competing systems
- Tested and verified by world’s leading automakers and aerospace companies
“Quantum’s ultra light-weight natural gas storage systems offer the advantages of simple installation, longer range, higher payload capacity and reduced vehicle wear and tear,” said Alan P. Niedzwiecki, Quantum’s President and CEO. “Our tanks are increasingly favored by a number of leading vehicle integrators and customers who are upgrading their fleets to clean-burning, cost-effective and domestically abundant natural gas fuel.”
“Alternative Vehicle Solutions specializes in the development of EPA certified natural gas fuel delivery systems for Original Equipment Manufacturer (OEM) and aftermarket applications,” said Lance Granger, President of AVS. “Having the demand for more on-board fuel storage, Quantum’s single-tank fuel system exceeds our capacity requirements, and is the lightest in its footprint that we’ve ever worked with,” continued Lance.
“Semi Service Inc. is a bailment pool for the top three automotive OEMs, offering drop shipping from the factory to our facility in Ogden Utah, for vehicle upfitting. With our specialty in vehicle conversions and repairs, the Quantum high capacity tank can accommodate both light duty and semi-tractor applications,” stated Marty Seelos, President of Semi Services. “Having a lighter tank available in the market makes installations easier.”
According to the California Energy Commission, natural gas-powered light duty vehicles reduce carbon emissions by up to 40% and particulate matter by up to 80% compared to conventional gasoline-powered models. Natural gas fuel costs significantly less, on average, than gasoline and remains unaffected by the rising global oil prices. With natural gas prices at historic lows and projected to stay low, operation on compressed natural gas (CNG) offers significant cost advantages.
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. Email: email@example.com 310-541-6824 Dale Rasmussen 206-315-8242 Email: firstname.lastname@example.org
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.