IRVINE, Calif., May 29, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced that it has received a new $750,000 contract from a leading global natural gas vehicle systems developer for supplying its industry-leading ultra-lightweight carbon composite compressed natural gas (CNG) storage tanks for a high volume light duty pickup truck platform.
"We are pleased to be selected as the fuel storage system supplier by this leading natural gas equipment company," said Brian Olson, CEO of Quantum. "The customer performed an extensive evaluation of competing technologies and selected our carbon composite tank technology for their natural gas pickup truck production program."
Quantum designs, manufactures and markets one of the lightest and most advanced natural gas fuel storage systems – up to 70% lighter than competing steel tanks, and providing up to 30% more fuel capacity compared to competing aluminum tanks. Quantum is recognized around the world for its fuel storage systems, as evidenced by strategic relationships and contracts with major manufacturers around the globe. Quantum has sold approximately 20,000 fuel systems for alternative fuel vehicles, primarily to General Motors.
About Quantum: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. The Company'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. The Company'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. The Company's customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. The Company's wholly owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement the Company'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 Irvine, 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 complete the development and certifications and market the vehicle, 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.