Quantum Awarded Natural Gas Vehicle Program with a Leading Global Automaker
Quantum to develop and supply natural gas storage and engine fuel systems for
a production-intent passenger vehicle
LAKE FOREST, Calif., April 1, 2013
LAKE FOREST, Calif., April 1, 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 it has signed a vehicle development and exclusive production agreement
and received a purchase contract from a leading global automaker for
engineering design and development of the natural gas storage and engine fuel
system for a production-intent compressed natural gas (CNG) passenger vehicle.
The contract involves the design, integration, and supply of a light-weight
natural gas on-board fuel storage system, fuel handling and engine systems for
an advanced internal combustion engine vehicle, to meet customer-specified
quality, durability and performance targets.
"We are very pleased to have secured this contract to develop passenger
vehicle systems, leveraging our experience in providing complete solutions for
our customers – from concept to detailed engineering, integration, regulatory
certifications, production supply, complete conversion support, and after
sales service," said Brian Olson, the President and CEO of Quantum. "Passenger
vehicles represent a high growth area for natural gas vehicles, one that
complements our existing involvement with light to heavy duty truck
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., complements
Quantum's renewable energy presence through the development and ownership of
wind and solar farms.
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 the ability of Quantum to
successfully complete the development contract and transition to the
production program, and customer's ability and willingness to move forward
with a production program. 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
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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