IRVINE, Calif., June 11, 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 two new purchase orders from leading natural gas vehicle system integrators for supplying its industry-leading, ultra-lightweight carbon composite compressed natural gas (CNG) storage tanks for transportation applications. The purchase orders are valued at $2.8 Million.
"These new orders are another strong endorsement of Quantum's technology and products for natural gas vehicles, and reflect a significant opportunity in an attractive market segment," said Brian Olson, the CEO of Quantum. "Natural gas vehicles with Quantum's light-weight storage systems help to lower ownership and operational costs, while truly benefiting from the historically low prices of this domestically produced, clean fuel."
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 onboard 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.
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. Quantum'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. 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, 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 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 market the natural gas vehicles, 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.