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Press Release Source: Quantum Fuel Systems Technologies Worldwide, Inc.

Quantum Awarded Contract for Hydrogen Refueling System
Tuesday September 23, 9:30 am ET

 

IRVINE, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW - News), announced today it has received an order from a major European-based automaker for a transportable 10,000-psi (70 MPa) hydrogen refueling system. This refueling system will be used to refuel fuel cell vehicles operating with Quantum's 10,000-psi hydrogen fuel systems.
  • (Logo: http://www.newscom.com/cgi-bin/prnh/20010320/QUANTUMLOGO )

    Quantum has developed and launched a line of stationary, portable, and mobile 5,000 and 10,000-psi hydrogen-refueling systems to support the emerging fuel cell market. Quantum's portable refueling units are designed to be user friendly based on simple and fully automated controls. They feature an interactive touch screen, one-button operation, automatic shut-off, and incorporate multiple redundant safety mechanisms and fueling controls compatible with California Fuel Cell Partnership or SAE protocols. The units are also designed with a defueling capability, which is an important feature that facilitates vehicle service operations. They operate on standard industrial power supplies and do not have special utility requirements.

    Quantum's refuelers are certified for use as refueling appliances by Germany's regulatory agency, TUV (Technischer Uberwachungs Verein). Certification agencies and industry specifications require the units to safely manage pressure, temperature, and potential gas leakage issues with redundant safety features and thorough test and validation of components and systems.

    "This contract expands Quantum's hydrogen refueling system products from our current 5,000-psi offering to 10,000-psi. The higher pressure storage systems developed by Quantum, which this new refueling system will now support, translate directly into a greater vehicle driving range for hydrogen fueled vehicles, a critical factor for the commercialization of fuel cell vehicles," said Alan P. Niedzwiecki, President and CEO. "Our refueling products are helping to provide the early underpinnings of the hydrogen refueling infrastructure market that is developing as we move toward a hydrogen economy."

    Quantum focuses on three primary product and system applications: Transportation, Stationary Power, and Refueling Infrastructure. The company manufactures both components and end products. 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's ultra-light weight composite fuel storage, fuel injection and metering 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 and Sumitomo Corporation.

    Quantum is a Tier 1 OEM supplier and a member of the GM 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 and electronic control products; the company's ability to meet OEM specifications; the success of the company's recently announced programs with strategic partners; growth of the company's business in international markets; the level and success of the company's development programs with OEMs. 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 further information, please contact:
    
         John Williams
         Senior Manager, Business Development
         +1-949-885-7566
         [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]
    
              (C) 2003 Quantum Fuel Systems Technologies Worldwide, Inc.
                              Advanced Technology Center
                       17872 Cartwright Road, Irvine, CA  92614
                        Phone 949-399-4500   Fax 949-399-4600
    

     



Source: Quantum Fuel Systems Technologies Worldwide, Inc.

 

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