LAKE FOREST, Calif., Sept. 3, 2014 /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 has entered into a commercial alliance with Mainstay Fuel Technologies LLC to offer Back-of-Cab CNG systems for heavy duty trucks that integrate Quantum's 21" diameter tanks. The initial Quantum-Mainstay 21" Back-of-Cab system, based on Mainstay's existing module designs and incorporating anywhere from one to five of Quantum's 21" Q-Lite tanks, will provide significant weight savings over competing 21" systems.
Under the alliance, Quantum and Mainstay will each offer the 21" Back-of-Cab system based on their respective customer needs, and will jointly collaborate on business development activities and new designs for 21" systems.
The 21" Back-of-Cab systems will offer capacities of 28 DGE, 56 DGE, 84 DGE, 112 DGE, and 142 DGE, making them a cost-effective solution for fleets traveling shorter distances, such as refuse and beverage fleets. The 21" systems are also ideal for applications that may require unique design features such as Back-of Cab systems for under window use.
The Quantum-Mainstay alliance leverages the companies' strengths and experience in heavy duty over-the-road applications, giving each a broader presence in the growing CNG market. In addition, with Quantum located on the West Coast and Mainstay on the East Coast, the alliance will provide the companies with additional spare parts distribution and service center locations to service the growing natural gas trucking industry.
"Mainstay offers Quantum the immediate opportunity to complement our emerging 25" Q-RailLITE™ and Q-CabLITE™ module lines with an established 21" diameter system utilizing our light-weight tank technology. We believe that success within this industry will require alliances and cooperation to provide the market with a broad-based product offering and the necessary service and technical support on both the East and West coasts," said Brian Olson, President and CEO of Quantum. "Both organizations are like-minded in terms of engineering and design capabilities, and we look forward to teaming up resources to offer the industry lighter-weight CNG solutions for various truck applications," concluded Mr. Olson.
"Mainstay is excited that Quantum recognized our strong CNG system capabilities and the opportunities this alliance creates for us in the 21" Back-of-Cab CNG systems," said Rod Grandy, President and CEO of Mainstay. "We see opportunities to leverage this relationship in many ways, including strengthening our product offering with Quantum's Q-Lite tanks and co-developing future product offerings based on each other's industry experience in the design and commercialization of CNG systems," concluded Mr. Grandy.
Quantum will continue to expand its own Q-RailLITE and Q-CabLITE module lines based on its 25" diameter Q-Lite tank and system design, while at the same time leverage the existing design characteristics of Mainstay's established 21" Back-of-Cab systems for customer applications that specifically require the 21" configuration.
About Quantum: 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.
About Mainstay: Mainstay Fuel Technologies designs, engineers and manufactures critical components used in vehicular CNG-powered fuel systems. Since 2006, the Company has produced and sold over 4,000 units/systems for medium and heavy duty commercial vehicles.
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 growth of the CNG market and whether the commercial benefits expected from the Quantum-Mainstay alliance are realized. 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.
More information about the products and services of Quantum can be found at http://www.qtww.com/ or you may contact:
Quantum Investor Relations
Phone: 949-399-4555
Email: ir@qtww.com
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.