NEW YORK (TheStreet) -- Quantum Fuel Systems (QTWW - Get Report) plummeted Tuesday after one of its main competitors, Hexagon Lincoln, teamed with one of its main customers, Agility Fuel Systems, for a joint venture.
Hexagon Lincoln, a wholly-owned subsidiary of Hexagon Composites, announced it would join with Agility to supply compressed natural gas cylinders for fuel systems. Quantum named Hexagon as one of its chief competitors in the gaseous fuel storage market in its annual report.
Quantum also said in the report that much of its revenue comes from a few customers and will likely continue to do so in the future. Agility accounted for the greatest percentage of any customer listed in the report at 45% of Quantum's revenue last year.
The stock plummeted 42.25% to $3.65 at 2:14 p.m.