– Delivers First 100 CNG Tanks to Foreign-based Customer for Virtual Pipeline Applications
LAKE FOREST, Calif., June 15, 2015 /PRNewswire/ — Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a leader in natural gas storage systems, integration and vehicle system technologies, today announced it has developed an innovative 5,000 psi tank for the emerging CNG virtual pipeline market and has shipped the first 100 units to a foreign-based customer. The tank was developed in connection with the customer’s arrangement with an industrial firm to transport CNG in bulk quantities to locations where natural gas pipeline infrastructure is nonexistent. On a broader scale, virtual CNG pipeline applications include natural gas transport to remote manufacturing and power generation sites, mines, oil and gas fields, and marine.
The 640-liter tank was designed to maximize the transport density of natural gas at 5,000 psi and incorporates unique design characteristics with patented interfaces enabling high capacity. In addition, the customer has a proprietary tank fill technology which allows for innovative refueling and elevated use of the tanks’ available capacity. Quantum was selected for this demanding application due to its industry leading Q-Lite® tank technology available for CNG and hydrogen applications that delivers the lightest weight and highest capacity of any high pressure gaseous fuel tank in the industry. The virtual pipeline tank is a derivative of Quantum’s highly successful Q-Lite® CNG storage tank technology being utilized on thousands of Class 6-8 trucks around North America.
“We have always prided ourselves on engineering the future of CNG and this first-of-its-kind 5,000 psi CNG storage vessel can be used across a multitude of industries and applications. The CNG virtual pipeline will be one of the first applications and we see emerging opportunities for this innovative tank in the United States as well as international markets,” said Mr. Brian Olson, President and CEO of Quantum. “There are approximately 6,200 trillion cubic feet of stranded natural gas estimated around the world and our light-weight 5,000 psi virtual pipeline tank will enable natural gas transporters and industrial manufacturers to take advantage of high capacity storage and tap into a low-cost energy source,” 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 innovative, advanced, and light-weight compressed natural gas storage tanks 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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