Quantum Announces Strong Growth in Orders for Q-Lite™ Natural Gas Fuel Systems
Record Growth in Natural Gas Tank Orders in 2012
Momentum continuing in 2013 for New Orders Received
LAKE FOREST, Calif., March 20, 2013
LAKE FOREST, Calif., March 20, 2013 /PRNewswire/ --Quantum Fuel Systems
Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas
storage systems, integration and vehicle system technologies, today announced
that new orders received in 2012 for its ultra-lightweight Q-Lite™ compressed
natural gas (CNG) fuel storage tanks and systems for natural gas powered
vehicles increased 231%, from $5.8 million in 2011 to a record $19.1 million
in 2012. The Company further announced that it has already received $9.4
million in new orders for CNG fuel storage tanks and systems during the first
quarter of 2013.
"We are excited to see the continuing momentum in compressed natural gas tank
orders," said Brian Olson, President and Chief Executive Officer of Quantum.
"The natural gas vehicle industry recognizes and appreciates the strong value
in Quantum's innovative, ultra-light weight fuel tanks and integrated bolt-on
fuel system solutions, backed by our extensive industry experience."
Quantum's proprietary Q-Lite fuel tank technology offers one of the lightest
natural gas fuel storage solutions in the industry, coupled with superior fuel
storage capacity, enhanced safety features and the capability to be quickly
integrated on to vehicles.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
development and production of natural gas fuel storage and system
technologies, alternative fuel vehicles, and advanced vehicle propulsion
systems. Quantum's portfolio of technologies includes natural gas and hydrogen
storage and metering systems, electronic and software controls, hybrid
electric drive systems, and other alternative fuel technologies and solutions
that enable fuel efficient, low emission natural gas and hybrid, plug-in
hybrid electric and fuel cell vehicles. Quantum's powertrain engineering,
system integration, vehicle manufacturing, and assembly capabilities provide
fast-to-market solutions to support the production of natural gas, plug-in
hybrid, hydrogen-powered hybrid, fuel cell, 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.The risk factors include the ability of the
customer and Quantum to fulfill their obligations under the new orders. 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.
2013 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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