NEW YORK, July 30, 2015 (GLOBE NEWSWIRE) -- MTM, a fully owned subsidiary of Fuel Systems Solutions, Inc. (Nasdaq:FSYS), through its CUBOGAS brand of compressed natural gas (CNG) compressors and systems for vehicle refueling, announced it has signed a new exclusive multi-year contract with Eni S.p.A., an Italian multinational oil and gas company headquartered in Rome, to supply and maintain new CNG refueling stations to be constructed in Italy. Under the terms of the contract, over the next three years MTM will supply Eni's newly constructed Natural Gas stations with complete "plug&fill" CNG compressors and refueling accessories and will provide station maintenance over the next five years.
Massimiliano Fissore, MTM General Manager, commented, "We are proud to be working with Eni, the leading gas distributor in the Italian market. This strategic contract achieves an important goal for MTM given Eni's continued investment in automotive CNG refueling networks across Italy."
MTM is a global player offering a comprehensive suite of components and systems for gaseous vehicles, from conversion kits to OEM, DOEM and aftermarkets to road and fleet refueling stations.
Mariano Costamagna, Fuel Systems Solutions CEO, stated, "The Italian market continues to enjoy growth in demand for CNG-fueled passenger vehicles, and major global OEMs remain committed to serving this market. Eni has historically opened 20 to 30 new stations per year, and this exclusive contract is a coup for MTM."
With operations in oil, natural gas, petrochemical fields, engineering and construction, electrical power, Eni S.p.A. is the sixth oil group worldwide in terms of revenues.
MTM, through its CUBOGAS brand's 60-year history serving more than 2,500 stations in 40 countries around the world, is a world innovator in infrastructure dedicated to CNG transportation refueling solutions and a leader in the Italian market.
About Fuel Systems Solutions
Fuel Systems Solutions, Inc. (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com.
Pietro Bersani, Chief Financial Officer, Fuel Systems Solutions, Inc.
Source:Fuel Systems Solutions, Inc.