Quantum Announces Additional CNG Tank Orders
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 recently received approximately $2.0 million in additional orders for its Q-Lite® CNG storage tanks. The orders are from a combination of new and existing customers widely distributed around the US and Canada. These orders reflect the continued strong growth of natural gas and sets the stage for continued growth in 2014.
Quantum's CNG tanks are helping fleets reduce transportation costs and these orders reflect opportunities across many vehicle truck sizes, including light duty to heavy duty trucks. CNG is now being adopted as the low cost fuel of choice by many major fleets across the US.
"The substantial savings achieved by many of the fleets which have been testing CNG vehicles is now translating into volume orders," said Mr. Brian Olson, President and CEO of Quantum. "We expect this trend to only accelerate in 2014 as the recently introduced 11.9L engine becomes available in higher volumes," continued Mr. Olson.