LAKE FOREST, Calif., March 20, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that new orders received in 2012 for its ultra-lightweight Q-Lite™ compressed natural gas (CNG) fuel storage tanks and systems for natural gas powered vehicles increased 231%, from $5.8 million in 2011 to a record $19.1 million in 2012. The Company further announced that it has already received $9.4 million in new orders for CNG fuel storage tanks and systems during the first quarter of 2013.
"We are excited to see the continuing momentum in compressed natural gas tank orders," said Brian Olson, President and Chief Executive Officer of Quantum. "The natural gas vehicle industry recognizes and appreciates the strong value in Quantum's innovative, ultra-light weight fuel tanks and integrated bolt-on fuel system solutions, backed by our extensive industry experience."
Quantum's proprietary Q-Lite fuel tank technology offers one of the lightest natural gas fuel storage solutions in the industry, coupled with superior fuel storage capacity, enhanced safety features and the capability to be quickly integrated on to vehicles .
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of natural gas fuel storage and system technologies, alternative fuel vehicles, and advanced vehicle propulsion systems. Quantum's portfolio of technologies includes natural gas and hydrogen storage and metering systems, electronic and software controls, hybrid electric drive systems, and other alternative fuel technologies and solutions that enable fuel efficient, low emission natural gas and hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of natural gas, plug-in hybrid, hydrogen-powered hybrid, fuel cell, 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.