This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Quantum To Expand Manufacturing Capacity For Lightweight Natural Gas Vehicle Storage Systems To Meet Strong Customer Demand - Doubling Production Capacity In California

LAKE FOREST, Calif., Nov. 9, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (the "Company") (NASDAQ: QTWW), a global leader in natural gas, hybrid/electric and hydrogen vehicle technologies, today announced its plans to expand manufacturing capacity for its industry-leading lightweight, polymer-lined carbon composite natural gas on-board fuel storage tanks to meet the accelerating demand from North America's leading OEMs, fleets and system integrators.  The Company's planned facility expansion is expected to double its current production capacity by setting up state-of-the art manufacturing lines at a 60,000 sq. ft. building adjacent to its existing 30,000 sq. ft. factory in Lake Forest, California. The combined 90,000 sq. ft. required for the planned expansion is currently under existing lease arrangements.

(Photo: http://photos.prnewswire.com/prnh/20121109/LA09718)

In connection with the planned expansion, Quantum also announced that it has closed on a $3.25 million capital lease financing arrangement with Amur Investment Company LLC, the proceeds of which will primarily be used to fund the purchase of new equipment related to the planned expansion.

The expansion has been initiated and is expected to provide additional capacity starting in the first quarter of calendar 2013 with continued incremental capacity coming on-line throughout the first six months of calendar 2013.

Quantum has previously announced a significant increase in new orders for its CNG fuel storage systems in 2012 compared to orders received during the same period in 2011 from leading natural gas vehicle system integrators and system developers for supplying its industry-leading, ultra-lightweight carbon composite compressed natural gas (CNG) storage tanks for a variety of transportation applications ranging from Class 1 to Class 8 natural gas trucks. Quantum has recently announced the roll-out of its new Q-Liteā„¢ series of range-enhancing ultra-lightweight natural gas storage systems, aimed at creating sizeable new opportunities with the heavy duty long-haul and medium duty vehicle segments, among others."We are pleased to announce this production expansion plan for our existing Lake Forest, California facility and the non-dilutive equipment financing to begin this expansion," said Brian Olson, President and CEO of Quantum. "The broadening interest in natural gas has driven a significant increase in demand for Quantum's proven industry-leading, high capacity ultra light-weight natural gas vehicle fuel systems and we expect growth to continue in 2013 and beyond."

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, natural gas, hybrid, plug-in hybrid electric and fuel cell vehicles.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs