5.1.2006: Meldung: Quantum Programs to Receive $6.95 Million Funding
Quantum Fuel Systems Technologies Worldwide, Inc., has announced that its Alternative Mobility Vehicle (AMV) and Mobile Hydrogen Infrastructure (MHI) programs are allocated to receive a total of $6.95 million in funding under the fiscal year 2006 Appropriations Bill for the Department of Defense, signed into law by President Bush on December 30, 2005. These programs follow on Quantum"s successes with the U.S. Army, wherein Quantum developed and demonstrated the "Aggressor AMV," a high performance light-duty off-road fuel cell hybrid vehicle, and the recently completed "HyHauler MHI," a transportable hydrogen refueling station designed for rapid refueling of military vehicles and silent watch power generators.
In line with Quantum"s new initiatives in hybrid electric drive technology, the military AMV program will develop an advanced second generation (Aggressor II) high performance light-duty off-road hybrid electric vehicle platform incorporating special undisclosed modifications, based on the results of and feedback from the U.S. Army"s testing and evaluation of the Aggressor. The propulsion system for this next phase of AMV development will be an advanced internal combustion engine hybrid electric drive system, which would provide a cost-effective, near-term solution and provide common shared vehicle architecture with future fuel cell applications of the vehicle. Several pre-production prototypes will be developed and built for testing and evaluation by selected military commands to assess mission suitability, supportability, performance objectives, and guidance on final vehicle configuration.
The objective of the MHI program is to demonstrate the capability of Quantum"s HyHauler transportable hydrogen refueling stations to meet emerging hydrogen fuel demand as hydrogen and fuel cell technologies are deployed throughout the military as part of the 21st Century Base initiative. This demonstration program is expected to include supporting the deployment of hydrogen internal combustion engine administrative vehicles as well as fuel cell vehicles.
"Quantum"s military business and our strategic initiatives in hybrids continue to gain momentum. Our funding for Defense related programs will more than triple this year to almost $7 million, up from $2 million in 2005. Having been allocated $6.95 million for production intent military programs is a tremendous success for the company and a strong indicator of more to come. The high quality and performance of the advanced vehicles and refueling stations Quantum developed previously for the US Army and our capability for limited volume production of vehicles through our Tecstar business unit were instrumental in the significant increase of the 2006 Defense Appropriations Bill allocation for Quantum programs," said Alan Niedzwiecki, President and CEO of Quantum.
"We believe that the AMV and MHI programs offer innovative solutions to meet the mission of the national defense effort while reducing the fuel logistic burden," added Mr. Niedzwiecki. "We credit and applaud the tremendous support of the members of the California delegation for these important programs, especially Chairman Jerry Lewis, Senator Dianne Feinstein and Congressman Buck McKeon."
Quantum and its subsidiary, Tecstar Automotive Group, are leaders in powertrain engineering, system integration, and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles.
Quantum has product commercialization alliances with General Motors, AM General, and Sumitomo. Quantum"s customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.
More information can be found about Quantum"s products and services at www.qtww.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company"s expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company"s ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, prevailing market conditions; the Company"s ability to design and market automotive and refueling products; the Company"s ability to meet customer specifications and qualification requirements; availability of component parts and raw materials that meet the Company"s requirements; and the Company"s ability to source alternative materials and suppliers. Reference should also be made to the risk factors set forth from time to time in the Company"s SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company"s Annual Report on Form 10-K for the fiscal year ended April 30, 2005. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
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Source: Quantum Fuel Systems Technologies Worldwide, Inc.