IRVINE, Calif., March 31 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. today announced that its proposal to the U.S. Department of Energy (DOE) has been selected for final negotiations for a contract to develop next-generation manufacturing technologies for hydrogen storage vessels. The total value of this project, which will be done in partnership with The Boeing Company , is $5.6 million over a period of 3 years.
The goal of this project is to leverage the considerable advances in precision composite material processing technologies in the aerospace sector, to develop innovative manufacturing techniques for hydrogen storage tanks, with the intent to significantly drive down costs. The specific objective is to develop and demonstrate an innovative hybrid process which integrates the most optimal features of high precision aerospace and high-speed commercial manufacturing techniques.
Boeing has steadily established itself as a global leader in advanced composite manufacturing technologies, which utilize lightweight, high-precision composite structures for tremendous performance advantage. Quantum's hydrogen storage systems utilize carbon-fiber reinforced composite structures for volumetric and gravimetric efficiency.
As the prime contractor, Quantum will provide overall coordination and leverage its extensive experience in hydrogen systems. Boeing Phantom Works, the company's advanced research and development organization, will adapt precision composite manufacturing technologies that it developed for the aerospace industry. The Quantum-Boeing team has partnered with the Lawrence Livermore National Laboratory (LNNL) and the Pacific Northwest National Laboratory (PNNL), to enhance and expand this development program. LLNL will develop a unique high speed composite processing technique, which will be modeled validated by PNNL. The program will highly leverage on the existing expertise of the team members, and will be executed in three phases, starting in 2008.
"Quantum is honored to partner with Boeing on this strategically important program. We are pleased by the comment from the DOE that the Quantum-Boeing team represents a best-of-the-industry partnership," said Quantum's President and CEO, Alan Niedzwiecki. "Quantum, working in concert with the DOE, was the first to develop and certify a high capacity 10,000 psi hydrogen system, which has evolved as the industry standard, supporting a number of hydrogen vehicle programs today. This important program will take hydrogen storage technology one step closer to mass-commercialization."
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum's proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics.
More information can be found about Quantum's products and services at http://www.qtww.com
Forward Looking Statements
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, the Company's expectations regarding expected future revenues and operating results; Quantum's ability to finalize the agreement and fulfill the requirements of this contract; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. 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, Quantum's ability to coordinate with team partners, secure adequate resources to execute this program, and general economic conditions. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2007. The Company 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 regarding Quantum, please contact:
At the Company:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
NSirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP
1-407-644-4256 x 115
info@redchip.com
http://www.redchip.com
(C)2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600