LAKE FOREST, Calif., April 1, 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 it has signed a vehicle development and exclusive production agreement and received a purchase contract from a leading global automaker for engineering design and development of the natural gas storage and engine fuel system for a production-intent compressed natural gas (CNG) passenger vehicle.
The contract involves the design, integration, and supply of a light-weight natural gas on-board fuel storage system, fuel handling and engine systems for an advanced internal combustion engine vehicle, to meet customer-specified quality, durability and performance targets.
"We are very pleased to have secured this contract to develop passenger vehicle systems, leveraging our experience in providing complete solutions for our customers – from concept to detailed engineering, integration, regulatory certifications, production supply, complete conversion support, and after sales service," said Brian Olson, the President and CEO of Quantum. "Passenger vehicles represent a high growth area for natural gas vehicles, one that complements our existing involvement with light to heavy duty truck applications."
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., complements Quantum's renewable energy presence through the development and ownership of wind and solar farms.
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