Quantum Awarded follow on $1.0 Million Contract for Natural Gas Storage and
Fuel System Development
- Development work continues to move ZHRO's Heavy Duty after-market engine
conversion program closer to commercialization with use of Quantum's
innovative natural gas storage module, delivery system and control software
LAKE FOREST, Calif., July 30, 2014
LAKE FOREST, Calif., July 30, 2014 /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 recently was awarded a follow on $1.0 million software development
contract by ZHRO™ Solutions LLC, based in Chandler, Arizona under a strategic
development program. The new contract, which is in addition to the $6.0
million in development contracts previously awarded to Quantum by ZHRO, is for
Quantum to advance the fuel system control software and oversee the
development and integration of the engine control software system.
Under the development program, Quantum and ZHRO will develop a cost-effective,
complete natural gas aftermarket system solution for the nation's estimated 4
million medium and heavy duty trucks currently running on more expensive
diesel fuel. Quantum is developing fully-integrated compressed natural gas
storage and fuel delivery systems for cost-effective aftermarket conversion of
heavy duty diesel fleets to run on natural gas. The fuel system module being
developed by Quantum includes its industry-leading high capacity
ultra-lightweight Q-Lite^® natural gas fuel storage tank and system, the
integration of all the fuel delivery components, and the control software to
operate the fuel system. As part of the contract with ZHRO, Quantum is
overseeing the development of the engine control software in order to operate
the engine efficiently with ZHRO's innovative fuel injection system.
ZHRO has developed an operating and marketing model to accelerate the
commercial launch of their breakthrough technology and has already contracted
with a significant number of North American distributors for sales and
installation of ZHRO's fuel injector/engine conversion system.
"We not only continue to advance our relationship with ZHRO solutions but also
the development and commercialization of the complete system solution," said
Brian Olson, President and CEO of Quantum. "These advancements are leveraging
Quantum's extensive experience and successes in providing vehicle level
integration, validation and production of advanced natural gas fuel system and
"Our continued focus is to provide a unique conversion solution to our end
users and we are pleased that the relationship with Quantum continues to
provide us movement toward successful implementation of that strategy," said
John Madrigal, COO of ZHRO.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
innovation, development and production of natural gas fuel storage systems and
the integration of vehicle system technologies including engine and vehicle
control systems and drivetrains. Quantum produces one of the most innovative,
advanced, and light-weight compressed natural gas storage tanks in the world
and supplies these tanks, in addition to fully-integrated natural gas storage
systems, to truck and automotive OEMs and aftermarket and OEM truck
integrators. Quantum provides low emission and fast-to-market solutions to
support the integration and production of natural gas fuel and storage
systems, hybrid, fuel cell, and specialty vehicles, as well as modular,
transportable hydrogen refueling stations. Quantum is headquartered in Lake
Forest, California, and has operations and affiliations in the United States,
Canada, and India.
ZHRO Solutions, LLC is an innovative Clean-Tech company headquartered in
Chandler, AZ that is focused on developing and commercializing proprietary
advanced technology for use in the conversion of heavy duty diesel trucks to
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 successful completion and
development of the CNG fuel system by Quantum, the successful validation and
commercialization of injection systems by ZHRO, market acceptance of the
developed CNG fuel system and the continued cost-effectiveness of natural gas
fuel. 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 about the products and services of Quantum can be found at
http://www.qtww.com/ or you may contact:
Quantum Investor Relations
©2014 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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