-- California and Canada Continue to Offer Attractive Paybacks for Compressed Natural Gas Vehicles
-- Gain Clean Fuel Enters the California Market Branding Several CNG Stations
LAKE FOREST, Calif., Oct. 13, 2015 (GLOBE NEWSWIRE) -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, announced today that it has recently secured initial CNG storage system orders from new customers in the key markets of California and Canada that continue to offer attractive fuel savings or incentives. During the last several months, certain key markets in Canada have afforded natural gas fleet operators on average a $1.00 per gallon equivalent fuel savings and the State of California provides incentives and credits for using a low emission fuel. Adding to this stimulus of California, GAIN® Clean Fuel has now entered the market with aggressive CNG fuel prices.
"In partnership with OEM heavy duty truck dealerships, we've identified and uncovered new opportunities and customers in the heavy duty tractor market driven primarily by attractive fuel price spread for CNG but also incentives and sustainability requirements," said Mr. Brian Olson, President and CEO of Quantum. "The markets in California and Canada continue to represent growth opportunities with the existing attractive price spreads and or incentives along with the fact compressed natural gas is being made more readily available to heavy-duty transportation customers in these key markets," concluded Mr. Olson.
"Our entry into the California market was to rebrand existing fueling stations and overhaul some of the equipment readying for heavy-duty applications," said U.S. Gain General Manger Bill Renz. "Competitive opportunities are good in markets where the landscape has experienced the highest CNG prices in the US."
Quantum pioneered type IV composite technology to achieve the highest storage efficiency and capacity of its CNG tanks and complete fuel systems. Quantum's cylinders are now being offered in 30-inch diameter configurations enabling efficient and cost effective storage solutions. Quantum's Q-RailLITE, Q-Cab123, and now its Q-Cab160 and Q-Cab180 CNG fuel modules contain Quantum's proprietary, ultra-light patented Q-Lite® CNG storage cylinders which allows lighter weight structures while still meeting critical shock and vibration requirements. The combination of the lightest and highest capacity tanks in the world and highly engineered lightweight structures enables Quantum to provide the lightest CNG systems with the highest diesel gallon equivalents (DGE) per pound in the industry.
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.
About U.S. Gain - U.S. Gain, a division of U.S. Venture, is a leading Compressed Natural Gas (CNG) provider offering fleet operators' access to GAIN Clean Fuel, an environmentally friendly and cost-effective alternative to traditional fuel options. GAIN Clean Fuel stations are strategically located for carriers along major shipping corridors and provide easy-access, fast-fill capabilities and are on track to open 100 new fueling stations across the United States within the next two years. For more information, please visit www.usgain.com (http://www.gainfuel.com).
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. 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 about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
Quantum Investor Relations
Source:Quantum Fuel Systems Technologies Worldwide Inc.