IRVINE, Calif., April 23, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW - News), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced that it has received a new purchase order from a leading natural gas vehicle system integrator for supplying its industry-leading, ultra-lightweight high capacity carbon composite compressed natural gas (CNG) storage tanks for long-haul trucks. The purchase order is valued at $857,000.
Alan Niedzwiecki, President and CEO of Quantum, stated, "Broadening interest in the clean, domestic natural gas fuel is driving increased demand for our proven, industry-leading natural gas vehicle systems. Natural gas has clearly emerged as the fuel of choice for fleets, due to low prices and abundant local supply as a result of the remarkable speed and scale of shale gas development in this country."
Natural gas-powered vehicles can be fueled for a third cheaper than other vehicles, and emit less smog-forming nitrogen oxide and particulates. Quantum's composite tanks are the lightest in the industry, requiring less structure for mounting support, thereby increasing payload and passenger capacity. In addition, Quantum's tanks maximize on board storage capacity resulting in greater driving range. These advantages, in addition to ease of installation and service, distinguish Quantum's carbon composite tanks from the competing metallic tanks. Quantum has supplied in excess of 20,000 OEM-quality natural gas vehicle fuel systems to General Motors since 1997.
About QuantumQuantum 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 Solarpower 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.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 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.
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