Quantum Receives $1.37 Million Grant From the California Energy Commission to Launch Next Generation Plug-In Hybrid Electric Systems
IRVINE, Calif., May 23, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced the receipt of an AB 118 grant of $1.37 million by the California Energy Commission (CEC) for launching a new generation of innovative plug-in hybrid electric (PHEV) system, that is expected to accelerate the mass adoption of PHEVs through improved operational efficiencies and reduced cost.
The funds will be applied towards product validation and to set up a pilot production line to accelerate launching of the new innovative hybrid electric products developed at Quantum’s Advanced Technology Center located in Lake Forest, California.
“We thank CEC for their continued support of innovation in clean energy technologies that helps to increase America’s competitiveness and create jobs,” said Alan P. Niedzwiecki, the President and CEO of Quantum. “We are excited about the potential of our new generation products that have a chance to change the way we drive.”
Quantum has developed the Q-Drive(TM) PHEV system that powers the Fisker Karma, a high performance luxury sedan that was developed by Fisker Automotive, the green American car company that was co-founded by Fisker Coachbuild and Quantum. Quantum recently announced launching of a PHEV F150 truck platform that incorporates the new Quantum PHEV drive called F-Drive(TM).
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.
Ã‚©2011 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.