Quantum's Fuel Storage System Selected for Medium Duty Natural Gas Fleet
LAKE FOREST, Calif., Nov. 1, 2012
LAKE FOREST, Calif., Nov. 1, 2012 /PRNewswire/ -- Quantum Fuel Systems
Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas,
hybrid/electric and hydrogen vehicle technologies, today announced that it has
received a purchase order from a leading truck equipment company for supplying
Quantum's industry-leading ultra-lightweight compressed natural gas (CNG)
storage systems for vocational and professional service trucks.
"Vocational and utility service trucks represent a sizable market segment for
natural gas vehicles," said Brian Olson, Chief Executive Officer of Quantum.
"We are excited about the growth potential in this attractive market segment,
as natural gas has clearly emerged as the fuel of choice for cost-conscious
small businesses and fleet managers, who are encouraged by the low cost of
ownership and the expanding compressed natural gas refueling infrastructure in
Quantum's light-weight natural gas storage technology addresses the barriers
relating to range and the additional weight of natural gas fuel systems.
Developed at Quantum's Technology campus in Lake Forest, California, Quantum's
advanced natural gas storage systems provide dramatic weight reduction,
increased fuel storage capacity, and the capability to integrate on vehicles
with simple lightweight brackets, resulting in an overall reduction in fuel
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
development and production of advanced vehicle propulsion systems, fuel
storage technologies, and alternative fuel vehicles. Quantum's portfolio of
technologies includes electronic and software controls, hybrid electric drive
systems, natural gas and hydrogen storage and metering systems and other
alternative fuel technologies and solutions 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, and specialty vehicles, as well as modular, transportable
hydrogen refueling stations. Quantum's customer base includes automotive OEMs,
fleets, aerospace industry, military and other governmental agencies, and
other strategic alliance partners. Quantum's wholly owned subsidiary,
Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement
Quantum's alternative and renewable energy presence through the development
and ownership of wind and solar farms, and the manufacture of high efficiency
solar modules for traditional and automotive applications. Quantum is
headquartered in Lake Forest, California, and has operations and affiliations
in the USA, Canada, Germany and India.
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. Risk factors include Quantum's ability to secure materials
and manufacture tanks to meet the customer demand, the customer's ability to
market the natural gas vehicles, continued domestic availability of low cost
shale gas, and the decisions by fleet managers to purchase natural gas trucks.
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 at
http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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