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Quantum Fuel Systems Technologies: New purchase contract
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Irvine, California - Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq:QTWW - News) announced today that it has secured a new purchase contract from a large Canadian natural gas vehicle integrator, Hi-tec Fuel & Auto Ltd, to supply a series of natural gas vehicle tanks for light duty trucks.
The Quantum next generation medium capacity Compressed Natural Gas (CNG) storage system was developed for the growing global market for natural gas vehicles, by offering fuel efficiency, simplified installation and reduced vehicle operation and maintenance costs. Quantum continues to offer the lightest tanks in the market. This enables light duty trucks to carry significantly more fuel on board and operate for long distances without reducing their payload as is required with competing tanks that are significantly heavier.
"Quantum's new medium capacity ultra light-weight natural gas storage tanks enable light duty trucks to achieve nearly the range as those operating on gasoline," said Alan P. Niedzwiecki, Quantum's President and CEO. "Quantum's tanks are now becoming a favorite of the large base of light duty truck operators in Canada, enabling them to operate their fleets on clean-burning, cost-effective CNG."
"For over 21 years, Hi-tec Fuel has led the Canadian market with over 1,600 conversions and an unflawed safety record. The light and heavy duty truck market will continue to grow and now having a single higher capacity CNG tank achieving comparable gasoline mileage equivalence, and being the lightest in weight speaks for itself," stated Tim Dykes, Hi-tec, President.
According to the California Energy Commission, natural gas-powered light duty vehicles reduce carbon emissions by up to 40% and particulate matter by up to 80% compared to conventional gasoline-powered models. Natural gas fuel costs significantly less, on average, than gasoline and remains unaffected by the rising global oil prices. With natural gas prices at historic lows and projected to stay low, operation on compressed natural gas (CNG) offers significant cost advantages.
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Advanced and Automotive Solar Systems 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. Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, natural gas fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/.
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.