Quantum Receives New Orders for Natural Gas Vehicle Fuel Storage Systems

Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW) News out January 31, 2012
 

Quantum Receives $750,000 in New Orders for Natural Gas Vehicle Fuel Storage Systems
 
 Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW - News), a global leader in natural gas, hydrogen and hybrid electric vehicle technologies, today announced it has received new purchase orders totaling $750,000 for its ultra light weight composite high pressure compressed natural gas (CNG) storage tanks for applications in heavy duty and light duty fleet vehicles.

Alan Niedzwiecki, President and CEO of Quantum, stated, "We are excited about this expanding CNG order flow and the prospects for our CNG business. We believe that revenues from the sale of CNG tanks will more than double in 2012 and, combined with the expected Fisker Karma production ramp, we are forecasting 2012 to be a year defined by significant revenue growth." Mr. Niedzwiecki continued, "The demand for Quantum's ultra lightweight high capacity CNG storage systems continues to increase as fleets recognize the significant cost saving benefits in operating their vehicles on compressed natural gas."