Quantum to Expand Manufacturing Capacity for Lightweight Natural
Gas Vehicle Storage Systems to Meet Strong Customer Demand -
Doubling Production Capacity in California
LAKE FOREST, Calif.,
Nov. 9, 2012 /PRNewswire/
-- Quantum Fuel Systems Technologies Worldwide, Inc. (the
"Company") (NASDAQ: QTWW), a global leader in natural gas,
hybrid/electric and hydrogen vehicle technologies, today announced
its plans to expand manufacturing capacity for its industry-leading
lightweight, polymer-lined carbon composite natural gas on-board
fuel storage tanks to meet the accelerating demand from
North America's leading OEMs,
fleets and system integrators. The Company's planned facility
expansion is expected to double its current production capacity by
setting up state-of-the art manufacturing lines at a 60,000 sq. ft.
building adjacent to its existing 30,000 sq. ft. factory in
Lake Forest, California. The
combined 90,000 sq. ft. required for the planned expansion is
currently under existing lease arrangements.
(Photo: http://photos.prnewswire.com/prnh/20121109/LA09718)
In connection with the planned expansion, Quantum also announced
that it has closed on a $3.25 million
capital lease financing arrangement with Amur Investment Company
LLC, the proceeds of which will primarily be used to fund the
purchase of new equipment related to the planned expansion.
The expansion has been initiated and is expected to provide
additional capacity starting in the first quarter of calendar 2013
with continued incremental capacity coming on-line throughout the
first six months of calendar 2013.
Quantum has previously announced a significant increase in new
orders for its CNG fuel storage systems in 2012 compared to orders
received during the same period in 2011 from leading natural gas
vehicle system integrators and system developers for supplying its
industry-leading, ultra-lightweight carbon
composite compressed natural gas (CNG) storage tanks for a
variety of transportation applications ranging from Class 1 to
Class 8 natural gas trucks. Quantum has recently announced the
roll-out of its new Q-Lite™ series of range-enhancing
ultra-lightweight natural gas storage systems, aimed at creating
sizeable new opportunities with the heavy duty long-haul and medium
duty vehicle segments, among others."We are pleased to announce
this production expansion plan for our existing Lake Forest, California facility and the
non-dilutive equipment financing to begin this expansion," said
Brian Olson, President and CEO of
Quantum. "The broadening interest in natural gas has driven a
significant increase in demand for Quantum's proven
industry-leading, high capacity ultra light-weight natural gas
vehicle fuel systems and we expect growth to continue in 2013 and
beyond."
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in
the development and production of advanced vehicle propulsion
systems, fuel storage technologies, and alternative fuel vehicles.
Quantum's portfolio of technologies includes electronic and
software controls, hybrid electric drive systems, natural gas and
hydrogen storage and metering systems and other alternative fuel
technologies and solutions that enable fuel efficient, low
emission, natural gas, hybrid, plug-in hybrid electric and fuel
cell vehicles.
Quantum's powertrain engineering, system integration, vehicle
manufacturing, and assembly capabilities provide fast-to-market
solutions to support the production of natural gas, hybrid and
plug-in hybrid, hydrogen-powered hybrid, fuel cell, and specialty
vehicles. Quantum's customer base includes automotive OEMs, fleets,
aerospace industry, military and other governmental agencies, and
other strategic alliance partners. Quantum's wholly owned
subsidiary, Schneider Power Inc., and affiliate, Asola Solarpower
GmbH, complement Quantum's alternative and renewable energy
presence through the development and ownership of wind and solar
farms, and the manufacture of high efficiency solar modules for
traditional and automotive applications.
Quantum is headquartered in Lake
Forest, California, and has operations and affiliations in
the USA, Canada, Germany and India.
About Amur Investment Company:
Amur Investment Company LLC (AIC) is a commercial finance
company that acquires and leases portfolios of transportation,
commercial or industrial equipment, and provides or acquires loans,
or acquires other financial assets. AIC is a wholly
owned subsidiary of Amur Capital Group ("Amur"). Amur is a
management-owned asset management firm/merchant bank focused on
transportation, commercial and financial assets in a broad range of
industries. Amur invests seamlessly across loan and debt
securities, along with investing in companies or co-investing with
companies in physical assets. Amur also provides strategic
advice, global solutions and flexibility for the companies it
invests in/with via its investment banking/advisory arm."
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 ability of Quantum to
complete the expansion as planned, whether the planned expansion
will result in the expected increase in production, whether the
demand for our CNG products continues in the future and the levels
we expect, whether we are able to maintain our competitive
advantage in the marketplace, and the continued competitiveness of
natural gas as an attractive alternative fuel. For additional risk
factors, see the "Risk Factors" section contained in the Company's
Annual Report on Form 10-KT and each subsequently filed Quarterly
Report on Form 10-Q. 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 can be found about our products and services at
http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
Email: btanous@cleantech-ir.com
310-541-6824
©2012 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
25242 Arctic Ocean Drive, Lake Forest,
CA 92630
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.