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.
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-Lite™ 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.