Rep. Cox Obtains Federal Support for Quantum’s U.S. Army Hydrogen Infrastructure Program
Monday, November 17, 2003
Washington, DC - November 17, 2003 - Rep. Christopher Cox (R-CA), Chairman of the Homeland Security Committee and Chairman of the House Policy Committee, announced that he has secured $2 million in the FY 2004 Defense Appropriations Bill, signed by the President on September 30, 2003, for Irvine-based Quantum Fuel Systems Technologies Worldwide's U.S. Army Hydrogen Infrastructure program. Quantum (Nasdaq: QTWW) is recognized as a world leader in hydrogen fuel systems.
As the Armed Services are in the process of revolutionizing the way they fight and for the future forces, it will be necessary to be energy efficient and stealthy, two requirements well served by hydrogen fuel cells. Funding for this program will play a critical role in helping meet these requirements.
The funds will be used to design and demonstrate a self-sustaining, transportable integrated energy generation and refueling system for fuel cell applications operating in remote locations. This program is in addition to the vehicle-focused contract recently awarded to Quantum by the Army, which was announced last month.
Alan Niedzwiecki, President and CEO of Quantum, praised Congressman Cox for his support. "This program is important to the nation's defense, especially with fuel comprising 70 percent of the supplies transported by the Armed Services to support battlefield operations. By producing hydrogen fuel on the battlefield, this program has the potential to demonstrate a pathway to address key logistic issues."
Quantum's business focuses on three main areas: Transportation, Stationary Power, and Refueling Infrastructure. The company manufactures both components and end products and is an OEM vehicle level systems integrator. In the Transportation sector, Quantum designs and supplies state-of-the-art fuel system technologies to many of the world's leading OEMs with Hydrogen systems for both Internal Combustion Engine (ICE) and Fuel Cell applications and Natural Gas and LPG fuel systems for internal combustion applications. For Stationary Power applications, Quantum currently supplies components and integrated systems to developers of fuel cell stationary power products and is working to expand its product portfolio in this area. In the area of refueling infrastructure, Quantum offers several hydrogen and natural gas refueling systems focused on early infrastructure development, targeting fleets of 1 to 20 vehicles.
Quantum is a Tier 1 automotive OEM supplier. Quantum's ultra-light weight composite fuel storage, fuel injection technologies, electronic control products and OEM level systems integration capabilities have enabled the company to develop a product portfolio with state-of-the-art technologies and products, a diverse customer base, and strong alliances with partners such as General Motors, Sumitomo Corporation and former parent IMPCO Technologies.
Quantum is a member of the GM Global Fuel Cell Alliance of fuel cell commercialization companies.
Quantum's web site: www.qtww.com.
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 revenues and cash from operations in future periods. 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 advanced fuel metering, fuel storage, electronic control products, and fuel cell vehicles; the company's ability to meet the military's specifications; the level and success of the company's development programs. 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 its Annual Report on Form 10-K for the fiscal year ended April 30, 2003. 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: Andy Abele Chief Technology Officer +1-949-399-4527 [email protected] Cathy Johnston Director of Communications and Corporate Support +1-949-399-4548 [email protected] Dale Rasmussen Investor Relations +1-206-315-8242 [email protected]
©2003 QUANTUM Fuel Systems Technologies Worldwide, Inc.
Copyright © 2002