LAKE FOREST, Calif., Aug. 19, 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 received a follow-on development contract from a leading multi-national corporation, valued at $1.0 million, for advanced natural gas storage system development and vehicle integration.
The contract awarded to Quantum is to upgrade a natural gas truck with the next generation high capacity fuel storage technology, along with developing the requisite balance of systems and engine controls. The fuel system packaging, vehicle integration and control system development will be performed at Quantum's Advanced Vehicle Concepts Center in Lake Forest, California.
"Our natural gas technology and commercialization team continues to be engaged in advancing compressed natural gas storage technology to bring the most value to our customers and the market," commented Brian Olson, the President and CEO of Quantum. "We are pleased to be working on high-potential next generation range-enhancing storage technologies while scaling up production of our industry-leading Q-Lite™ carbon-composite natural gas tanks."
About Quantum Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light‐weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully‐integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast‐to‐market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, and India.Forward Looking Statements: This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward‐looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events. More information about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact: Brion D. TanousPrincipal CleanTech IR, Inc. Email: btanous@cleantech‐ir.com SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.