Quantum Partners with Major Chinese Automaker to Develop and Commercialize Advanced Vehicles
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Quantum Fuel Systems Technologies Inc
17872 Cartwright Road
Irvine, CA, 92614
Press release date: April 16, 2007
IRVINE, Calif., April 16: Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW), today announced that it has signed a Memorandum of Understanding to establish a cooperative joint venture with a major automaker in China for the development and commercialization of hybrid and alternative fuel vehicles, manufacture of gaseous fuel components, and integration of advanced propulsion systems.
Quantum has partnered with one of the fastest growing automakers in China, which is now the second largest automotive market in the world. China is estimated to produce in excess of 7.4 million vehicles in 2007, after several years of double-digit growth. Under this agreement, Quantum and the Chinese automaker will develop a joint venture in 2007 focused on the development of hybrid vehicles, manufacture of gaseous fuel management components, and distribution of powertrain components.
"China is strategically important to Quantum, as we position ourselves as a fully-integrated alternative energy company serving the global marketplace. Quantum's strategy in China involves establishing partnerships with fast-growing domestic automakers that are hungry for advanced technologies to make their products more fuel-efficient and run cleaner," said Alan P. Niedzwiecki, President and CEO of Quantum. "We believe that this partnership will accelerate Quantum's entry into China as a supplier of complete, integrated systems for the growing market for clean vehicles in China to meet government demands to diversify energy resources and mitigate the environmental impact of increasing transportation needs."
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 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.
Source: Quantum Fuel Systems Technologies Worldwide, Inc.
CONTACT: Dale Rasmussen, Investor Relations, +1-206-315-8242, DRasmussen@qtww.com, Dr. Neel Sirosh, Chief Technology Officer, +1-949-399-4698, email@example.com, Quantum Fuel Systems Technologies Worldwide, Inc. Web site: http://www.qtww.com/