LAKE FOREST, Calif., Nov. 4, 2013 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a global leader in natural gas storage systems, integration and vehicle system technologies, today announced that it recently was awarded an additional aggregate $3.2 million in new agreements by ZHRO™ Solutions, LLC, based in Chandler, Arizona. These new agreements are in addition to the $2.6 million development agreement previously awarded by ZHRO to Quantum under which Quantum is developing a fully-integrated compressed natural gas storage and fuel delivery system for robust and cost-effective aftermarket conversion of heavy duty diesel fleets to run on natural gas. The fuel system module being developed by Quantum includes Quantum's industry-leading high capacity ultra-lightweight Q-Lite™ natural gas fuel storage tank and ZHRO's revolutionary natural gas injection/engine conversion system.
The new agreements include orders for Quantum's storage modules, Quantum's supply of the natural gas fuel system for multiple validation vehicles, development of fuel system control software and oversight of the development and integration of the engine control software system. These full-scale systems, representative of production release design, are scheduled to be delivered to ZHRO in Q4 2013.The program will leverage Quantum's decades of experience developing, validating, and commercializing production software controls for alternative fuel and hybrid-electric OEM vehicles.
ZHRO has developed an innovative financial and marketing model to accelerate the commercial launch of their breakthrough technology and has already contracted with a significant number of North American distributors for sales and installation of ZHRO's fuel injector/engine conversion system.
"We are excited to continue to expand our relationship with ZHRO Solutions and accelerate the system development and validation work toward commercialization," said Brian Olson, President and CEO of Quantum. "Our ability to provide complete system development, integration, validation and production of advanced natural gas fuel system and storage solutions is nearly unparalleled in the industry and a foundation to our growing success."
"We are delighted with Quantum's significant advancements toward the development of our fuel system and we feel that the additional development work that Quantum provides will support ZHRO's accelerated technology commercialization," said John Madrigal, COO of ZHRO Solutions, LLC.
Under the strategic development agreement, Quantum and ZHRO will develop a cost-effective, complete natural gas aftermarket system solution for the nation's estimated 4 million medium and heavy duty trucks currently running on expensive diesel fuel, enabling fleet operators to benefit from lower operating costs and reduction in exhaust particulate matter and emissions, made possible by a dedicated conversion to natural gas from diesel.
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 one of the most innovative, advanced, and light-weight compressed natural gas storage tanks in the world 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.
ZHRO Solutions, LLC is an innovative Clean-Tech company headquartered in Chandler, AZ that is focused on developing and commercializing proprietary advanced technology for use in the conversion of heavy duty diesel trucks to natural gas.
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 successful completion and development of the CNG fuel system by Quantum, the successful validation and commercialization of injection systems by ZHRO, market acceptance of the developed CNG fuel system and the continued cost-effectiveness of natural gas fuel. 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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