LAKE FOREST, Calif., April 23, 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 been notified by the California Energy Commission's (CEC) Public Interest Energy Research Program that Quantum's proposal in response to the Program Opportunity Notice entitled "Advanced Natural Gas Engine Research and Development for Class 3 through Class 7 Applications" has been recommended for a $1 million grant award. Southern California Gas has also committed additional funding to help the project meet its technical goals.
The grant will fund the development and validation of a low-cost, multi-port fuel-injected natural-gas fuel system and engine with advanced controls, designed for Class 3 to Class 7 fleet applications such as buses, medium-duty trucks, and port freight-handling vehicles. Quantum's partners in this project are Power Solutions International, Inc. (PSI) a leading cleantech engine manufacturer, technology and strategy consultancy Ricardo, and the University of California, Riverside. The project will utilize PSI's new 8.8-liter engine for the base engine, targeting a 20% improvement in fuel economy and a 16% improvement in power density for the natural gas version to meet an urgent market need for advanced natural gas options for medium duty applications.
"We are excited and honored to have been selected by the California Energy Commission and to be working with PSI and Ricardo, proven leaders in their respective fields," said Brian Olson, CEO and President of Quantum. "We are pleased to leverage our decades of experience in developing natural gas fuel systems and fill a need in the industry that is in short supply of natural gas engines for the high growth medium duty market segment.""We thank CEC for funding the development of clean-energy answers to America's transportation issues," said Gary Winemaster, CEO of PSI. "This project addresses the number one market barrier for natural-gas vehicles—the high price differential of natural-gas engines, by offering fleet owners a lighter, more efficient 8-liter class option at a lower cost than anything commercially available today." 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 is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India. About Power Solutions International, Inc. Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emission-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to global original equipment manufacturers in the industrial off- and on-road markets. The company's in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels including natural gas, propane, biogas and gasoline.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts