LAKE FOREST, Calif., July 7, 2015 (GLOBE NEWSWIRE) — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW), a leader in natural gas storage systems, integration and vehicle system technologies, today announced it has received a contract to develop a specialized 5,000 psi CNG tank specifically configured for an integrated storage system for heavy duty mining trucks in Australia. The tank will be developed for an international industrial firm which supports mining and other manufacturing applications leveraging compressed natural gas. The mining applications require availability of natural gas using virtual pipeline delivery methods and the use of CNG tanks for mining applications complements Quantum’s recently announced commercial entry into the virtual pipeline industry.
A photo accompanying this release is available athttp://www.globenewswire.com/newsroom/prs/?pkgid=34258
Quantum’s Q-Lite® 5,000 psi prototype tank, housed in the customer’s integrated CNG storage system, is shown above powering a CAT 789C dump truck. The tank under development will be optimized to maximize CNG payload in this mining application. The Q-Lite tank technology is available for a multitude of CNG applications and delivers the lightest weight and highest capacity of any high pressure gaseous tank in the industry. Quantum’s Q-Lite line of tanks are extremely robust and can handle the heaviest of duties. The toughness and durability of the Q-Lite tank is evidenced in the photo attached showing a 140 tonne CAT 789C driving directly over a Quantum tank without incident. The tank was developed using the same design and production characteristics of Quantum’s highly successful Q-Lite CNG storage tanks being utilized on thousands of Class 6-8 on-road trucks around North America.
“The mining industry is a major energy user and mining companies around the world are increasingly focused on energy efficiency, lower emission and cost effective ways of generating power,” said Mr. Brian Olson, President and CEO of Quantum. “Although many thought mining would be dominated by LNG, Quantum and its commercial partners are now proving that CNG offers a much lower cost solution compared to diesel and LNG,” concluded Mr. Olson.
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the innovation, development and production of natural gas fuel storage systems and the integration of vehicle system technologies including engine and vehicle control systems and drivetrains. Quantum produces one of the most innovative, advanced, and light-weight compressed natural gas storage tanks in the world and supplies these tanks, in addition to fully-integrated natural gas storage systems, to truck and automotive OEMs and aftermarket and OEM truck integrators. Quantum provides low emission and fast-to-market solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum is headquartered in Lake Forest, California, and has operations and affiliations in the United States, Canada, 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. Risk factors include the growth of the CNG market and acceptance of the Company’s products and other risk factors that the Company discloses in its filings with the Securities and Exchange Commission. 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.
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