QUANTUM to Develop Hydrogen Energy Systems for the U.S. Army
IRVINE, Calif., March 3 /PRNewswire/ -- QUANTUM Fuel Systems Technologies Worldwide, Inc., (Nasdaq: QTWW) announced today that it will develop conceptual transportation and energy systems for the U.S. Army's National Automotive Center (NAC) located in Warren, MI. The systems will address a variety of fuel cell applications including vehicles, power generation units, and the hydrogen refueling infrastructure.
The NAC is showcasing several innovative technologies including QUANTUM's products at the SAE 2003 World Congress to be held this week in Detroit, Michigan.
"The military is seeking a transportation and energy system that is not reliant on petroleum and that mitigates logistical problems in the battlefield," said Alan P. Niedzwiecki, President and CEO of QUANTUM. "This project will leverage QUANTUM's experience in the development of advanced hydrogen fuel systems for fuel cell applications and hydrogen refueling systems. We welcome this opportunity to develop the concepts for an entire transportation and energy system for a potential early adopter of fuel cell systems. This project has the potential to advance hydrogen fuel systems and refueling infrastructure technologies into commercial markets."
"The NAC is constantly exploring new technologies to improve the military's effectiveness in the battlefield with partners like QUANTUM," said Dennis J. Wend, executive director of the National Automotive Center. "Fuel cells have great promise to provide cleaner, stealthier vehicles through the use of advanced drivetrain technologies, and to solve tactical and logistical issues faced by the military."
QUANTUM designs, manufactures, and supplies components and integrated fuel systems to original equipment manufacturers for use in alternative fuel vehicles, fuel cell applications and hydrogen refueling systems. These fuel cell applications include transportation and industrial vehicles, and stationary and portable power generation. QUANTUM's advanced fuel systems comprise the fuel storage, fuel metering, control, and injection of gaseous fuels to improve efficiency, enhance power output, and optimize emissions from fuel cell applications and internal combustion engines that operate on natural gas, propane, or hydrogen. QUANTUM is a member of the GM fuel cell alliance of fuel cell commercialization companies. More information about QUANTUM can be found on its website at 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, QUANTUM'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; QUANTUM's ability to design and market advanced fuel metering, fuel storage and electronic control products; QUANTUM's ability to meet OEM specifications; the success of QUANTUM's recently announced programs with strategic partners; growth in international markets; the level and success of QUANTUM's development programs with OEMs. Reference should also be made to the risk factors set forth from time to time in QUANTUM'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, 2002. QUANTUM 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, contact:
Andy Abele, Director of Business Development
Cathy Johnston, Director of Communications and Corporate Support
Dale Rasmussen, Investor Relations
(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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