IRVINE, Calif., April 18 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. , today announced that its strategic partner in lithium-ion battery systems, Advanced Lithium Power Inc. (ALP), has signed a Memorandum of Understanding with a leading Chinese automaker to jointly develop battery-dominant propulsion systems for passenger vehicles, with the goal of establishing a cooperative venture to commercialize products globally.
ALP has developed breakthrough energy and power management technologies, including advanced control strategies for lithium-ion cell balancing and thermal management, resulting in battery packs of unprecedented power density, energy density, safety, and durability. The Quantum-ALP team was recently selected by the South Coast Air Quality Management District (SCAQMD) to engineer and supply a fleet of plug-in-hybrid vehicles based on the Ford Escape Hybrid, for application in Southern California.
"Our strategic partnership with ALP enables us to provide fully-integrated powertrain solutions, including advanced energy storage solutions. This joint project with the Chinese automaker advances our commercialization strategy as a one-stop shop for automotive energy storage solutions," said Alan P. Niedzwiecki, President and CEO of Quantum. "This project will accelerate the translation our innovative battery technologies into fully validated commercial products for our automotive OEM customers."
About Quantum
Quantum is a leader in powertrain engineering, system integration and manufacturing of packaged fuel systems and accessories for specialty vehicles and applications including fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories. Quantum also designs and manufactures hybrid and fuel cell vehicles. Quantum also develops and manufacturers advanced lithium-ion batteries through its strategic partner, Advanced Lithium Power.
Quantum has product commercialization alliances with General Motors, AM General and Sumitomo. Quantum's customer base includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, Sunline, Yamaha, AeroVironment, and the U.S. Army.
More information can be found about Quantum's products and services at www.qtww.com.
Forward Looking Statements
Statements in this document regarding future financial and operating results, future growth in customers and development programs, future opportunities for Quantum and its subsidiaries, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability of ALP to establish a cooperative venture to commercialize products; the ability of ALP to meet customer requirements; competitive conditions in the industry; business cycles affecting the markets in which the Company and ALP conduct business; and economic conditions generally. Additional factors may be found in Quantum's Form 10-K for the year ended April 30, 2006 and in the other documents filed with the Securities and Exchange Commission.
Forward-looking statements are based on the beliefs, opinions, and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
Email: DRasmussen@qtww.com
+1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
Email: nsirosh@qtww.com
949-399-4698
(C) 2007 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600