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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
Record Growth in Natural Gas Tank Orders in 2012
Momentum continuing in 2013 for New Orders Received
LAKE FOREST, Calif., March 20, 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 new orders received in 2012 for its ultra-lightweight Q-Lite™ compressed natural gas (CNG) fuel storage tanks and systems for natural gas powered vehicles increased 231%, from $5.8 million in 2011 to a record $19.1 million in 2012. The Company further announced that it has already received $9.4 million in new orders for CNG fuel storage tanks and systems during the first quarter of 2013.
"We are excited to see the continuing momentum in compressed natural gas tank orders," said Brian Olson, President and Chief Executive Officer of Quantum. "The natural gas vehicle industry recognizes and appreciates the strong value in Quantum's innovative, ultra-light weight fuel tanks and integrated bolt-on fuel system solutions, backed by our extensive industry experience."
Quantum's proprietary Q-Lite fuel tank technology offers one of the lightest natural gas fuel storage solutions in the industry, coupled with superior fuel storage capacity, enhanced safety features and the capability to be quickly integrated on to vehicles.
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of natural gas fuel storage and system technologies, alternative fuel vehicles, and advanced vehicle propulsion systems. Quantum's portfolio of technologies includes natural gas and hydrogen storage and metering systems, electronic and software controls, hybrid electric drive systems, and other alternative fuel technologies and solutions that enable fuel efficient, low emission natural gas and hybrid, plug-in hybrid electric and fuel cell vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of natural gas, plug-in hybrid, hydrogen-powered hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations.
Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other governmental agencies, and other strategic alliance partners. Quantum's wholly owned subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower GmbH, complement Quantum's alternative and renewable energy presence through the development and ownership of wind and solar farms, and the manufacture of high efficiency solar modules for traditional and automotive applications.
Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the USA, Canada, Germany 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 risk factors include the ability of the customer and Quantum to fulfill their obligations under the new orders. 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 at http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
2013 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive, Lake Forest, CA 92630
Phone 949-399-4500 Fax 949-399-4600
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