Quantum Technologies Awarded New Contract for Natural Gas Vehicle Storage Systems for Class 8 Trucks
IRVINE, Calif., Sept. 9, 2011 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced today that it has secured a new purchase contract for high capacity, ultra-light weight composite natural gas (CNG) storage systems from Agility, the largest US natural gas medium and heavy duty vehicle integrator, for use in Class 8 Trucks. With this order, Quantum continues its role as the leading supplier of CNG tanks for heavy duty trucks in the United States.
Quantum’s ultra light weight high capacity CNG storage systems are enabling Class 7 and 8 heavy duty trucks to support typical fleet applications while reducing operating cost by 30 percent. Quantum offers an all composite tank technology which provides the lightest weight solution in the market which enables heavy duty trucks to carry significantly more fuel on board and operate for long distances without reducing their payload as is required with heavier tanks.
“We see a strong future for our CNG systems in class 8 trucks for industries like regional distribution,” said Alan P. Niedzwiecki, Quantum’s President and CEO. “Many retailers and package distribution companies are now seeing the financial advantages of converting to CNG.”
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 such as the timing and delivery of the storage systems, the Company’s competitive advantage in light weight storage 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.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.