NEW YORK, NY--(Marketwire -08/17/12)- The nation's abundance of natural gas has made it a cheaper and cleaner alternative to diesel and gasoline. Oklahoma Governor Mary Fallin last week met with representatives from U.S. auto manufacturers and purchasing officials to solicit bids, as there are currently 22 states looking to purchase natural gas-powered vehicles for their government fleets. The Paragon Report examines investing opportunities in the Alternative Fuels Industry and provides equity research on Fuel Systems Solutions, Inc. (FSYS) and Quantum Fuel Systems Technologies (QTWW).
"We're serious. We're ready to buy natural gas vehicles now," Gov. Fallin said. "We all know that natural gas is a cleaner form of energy. It's an abundant form of energy. It's a less expensive and cheaper form of energy, one that will not only create American-made jobs, it will be good for our national security and economic security."
There are currently 123,000 compressed natural gas (CNG) vehicles, and 1,000 fueling stations in the U.S. One of the major obstacles preventing more widespread adoption of CNG vehicles has been the access to the necessary infrastructure.
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Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. The company reported net income for the second quarter of 2012 of $7.1 million, or $0.36 per diluted share, compared to net income of $3.8 million, or $0.19 per diluted share, in the second quarter of 2011.
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. The company reported second quarter 2012 consolidated revenues of $5.6 million, a 23 percent decrease from the 7.3 million in the year ago quarter.
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