IRVINE, Calif., Nov. 6 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. today announced that it has received a multi-million dollar purchase order from General Motors (GM) for hydrogen fuel storage systems to be used in GM's recently announced Chevrolet Equinox Fuel Cell vehicle program.
GM will begin building and deploying the world's largest fleet of hydrogen fuel-cell vehicles in 2007. The 10,000 psi (70 MPa) hydrogen storage systems for these Equinox Fuel Cell vehicles are based on Quantum's state-of-the-art Type IV (polymer-lined, all-composite) ultra-lightweight tank technology, incorporating advancements in materials, material utilization, and optimized design, yielding benefits proprietary to GM. These hydrogen storage systems are fully integrated modules comprised of three 10,000 psi tanks and incorporating Quantum's proprietary high-pressure valves, regulators, and safety systems. Quantum designed, developed, and safety tested these systems specifically for this GM vehicle program. Quantum's hydrogen storage systems have been extensively tested and validated to operating conditions beyond current industry standards, addressing extreme temperature conditions found to occur in real world experience.
"Quantum is proud to have partnered with GM on this exciting program, which will be the largest fleet of hydrogen fuel cell vehicles equipped with range-extending 10,000 psi hydrogen storage systems. We believe that our 10,000 psi compressed hydrogen storage systems represent the state-of-the-art in design, manufacturing, and performance," said Alan P. Niedzwiecki, President and CEO of Quantum. "Quantum is committed to maintaining its hydrogen technology leadership and to supporting GM's fuel cell vehicle commercialization plans."
About Quantum:
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-Kia, Suzuki, Ford, DaimlerChrysler, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at http://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 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.
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
Email:
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