Quantum Awarded $4.8 Million Purchase Order for High Capacity Ultra-Light Weight Natural Gas Storage Tanks
Published on Wednesday, 16 May 2012 09:20 Written by TradersHuddle Staff
IRVINE, Calif., May 16, 2012 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas, hydrogen and hybrid/electric vehicle technologies, today announced that it has received a $4.8 Million purchase order from Agility Fuel Systems, the leading natural gas fuel system integrator for heavy duty trucks, buses and specialty vehicles, for Quantum's industry-leading high capacity ultra-light weight natural gas tanks. This purchase order will be the cornerstone of a new agreement whereby Agility will be the exclusive distributor of Quantum's line of large 25"-27" diameter CNG tanks for heavy duty truck applications in North America.
The new purchase order is for Quantum's line of large-diameter carbon composite tanks developed specifically to mount on the frame rail in Class 6-8 heavy duty truck applications. Quantum and Agility have jointly developed and are patenting an innovative mounting system to enhance the safety and durability of on-board fuel storage tanks under extended vibrations, accelerations and shock loads. The tanks with their new design features will be available from Agility in their integrated systems starting in August 2012.
Barry Engle, CEO of Agility, said, "Our OEM and fleet customers know their vehicles will operate under the most demanding conditions. So we are pleased to be able to offer them this industry leading tank from Quantum that was developed specifically to meet their needs for weight, range, cost and safety."
"We appreciate Agility's continued high interest in our lightweight natural gas tanks, and for jointly developing an innovative mounting system that has been well received by heavy duty trucking firms," said Brian Olson, Quantum's CEO. "We expect the increase in demand for Quantum's natural gas tanks to continue to accelerate, as more fleets realize the true cost benefits of using clean, domestic natural gas as a transportation fuel."
Quantum's composite tanks are known to be the lightest in the industry, requiring less structure for mounting support, thereby increasing available payload. In addition, Quantum's tanks maximize onboard storage capacity resulting in greater driving range. These advantages, in addition to ease of installation and service, distinguish Quantum's carbon composite tanks from competing steel tanks.
Quantum Fuel Systems Technologies Worldwide, Inc. ("Quantum") develops, manufactures and sells lightweight natural gas and hydrogen storage systems as well as advanced powertrain components for hybrid/electric and alternative fuel vehicles. Quantum has manufactured in excess of 20,000 natural gas vehicles for General Motors, supplied in excess of 2,500 hydrogen systems to leading global automakers and shipped 3,000 plug-in hybrid electric drive system component sets, including those to Fisker Automotive - a company co-founded by Quantum in 2007. In addition to own vehicle designs for the military and commercial applications, Quantum provides engineering services and powertrain components to automakers for use in natural gas, hybrid/electric and hydrogen vehicles. Quantum's wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Solarpower GmbH complement Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules for automotive and commercial use. Quantum is headquartered in Irvine, California, and has operations and affiliations in the USA, Canada, Germany, India and China.
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. Risk factors include Quantum's ability to secure materials and manufacture tanks to meet the customer demand, the customer's ability to market the systems and continue to purchase tanks under the blanker purchase order, continued domestic availability of low cost shale gas, and the decisions by fleet managers to purchase natural gas trucks. 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 can be found about the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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