Quantum Awarded Follow-on Contract for High Capacity Ultra-Light Weight Carbon Composite Natural Gas Vehicle Storage Systems for Light-Duty Trucks
IRVINE, Calif., Aug. 8, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that it has secured a purchase contract for 200 additional ultra-light weight high capacity compressed natural gas (CNG) storage systems from a large US natural gas vehicle integrator of light-duty trucks.
With the price of natural gas projected to stay relatively low for the foreseeable future, the pace of conversion to natural gas fuel has accelerated, driving up demand for Quantum’s carbon composite high capacity CNG storage systems, which are the lightest in the industry. Quantum tanks enable relatively simple vehicle integration, allowing elimination of heavy structural reinforcement that is necessary to integrate competing heavier tanks. Light-weight tanks also help to lower operation and maintenance costs and to improve gas mileage and payload capacity. Lightweight tanks enable trucks and buses to carry significantly more fuel on board and operate for long distances without compromising their payload capacity or driving characteristics.
“We are pleased with the repeat business, and positive feedback from integrators and customers on the product quality and upfront and on-going financial and operational benefits of using Quantum’s lightweight CNG systems,” said Alan P. Niedzwiecki, Quantum’s President and CEO.
With the price of gasoline and diesel near $4.00/gallon, and natural gas prices consistently staying low, fleet owners can now save 30-70% of the operating costs by shifting to clean burning natural gas. 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, so fleets can save money and be green.
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 including final delivery of the storage systems, financial and operational benefit of the Company’s systems, any futures orders 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.