QUANTUM Experiencing Growth - Strong Demand for Testing Services
PR Newswire, Monday, October 07, 2002 at 09:15
IRVINE, Calif., Oct. 7 /PRNewswire-FirstCall/ -- QUANTUM Fuel Systems Technologies Worldwide, Inc., (NASDAQ:QTWW), announced that its Contract Services initiative launched in late May 2002 is experiencing strong growth.
In particular, QUANTUM's state-of-the-art emissions laboratory is attracting an increasing number of new customers who require emissions testing services for specialty automotive applications to meet stringent California emission compliance.
Designers of aftermarket products are required by California Air Resources Board (CARB) to prove that their performance-optimizing components do not negatively impact the exhaust emission compliance of the original base vehicle application. To date, QUANTUM has performed emission testing for a variety of manufacturers whose equipment is designed for vehicle applications including; GM Corvette, Ford, Infiniti, Isuzu, Lexus, Mercedes Benz, Shelby and Volkswagen. Once these manufacturers satisfy the CARB requirements, they are then able to sell their products to consumers.
Mr. Alan Niedzwiecki, President and CEO of QUANTUM, says, "Since the launch of our Contract Services initiative in May of this year, QUANTUM has added eight new customers and the list continues to grow. This is a sustainable new business with repeat customers that not only generates increased revenues for QUANTUM but expands the company's customer base. Over the past few years we have produced many state-of-the-art products, facilities and capabilities, including our emissions lab, which is becoming recognized as one of the premiere advanced emissions testing facilities on the west coast. When we opened the lab earlier this year, we knew the value of the lab for our existing automotive customers. We did not anticipate the demand from the aftermarket suppliers. We continue to execute to our business plan and are meeting our forecasts. With this new business, QUANTUM could potentially add several million in annual revenues, which will definitely help to achieve our goal of near term profitability."
QUANTUM's emission lab is the west coast's only facility to utilize the bag mini-diluter technology, which is the preferred method for testing Super Ultra Low Emission Vehicles (SULEVs) according to CARB and the U.S. Environmental Protection Agency (EPA). QUANTUM's lab can test vehicles running on gasoline, natural gas, propane, butane, methanol, ethanol or hydrogen. The equipment features 48" rolls (road simulator) required to conduct aggressive driving cycles like US06, which puts it in high demand for this new customer segment. Providing this service for these new customers is an upside to QUANTUM's original business case for the lab.
The Quantum Emissions Lab offers:
-- EPA/CARB emissions testing
-- Development testing (including catalyst efficiency)
-- OBD II calibration
-- Alternative fuel development
-- Engine durability testing
-- Engine mapping
OTHER NEWS:
QUANTUM recently announced the award of a major contract from a large Japanese OEM to develop hydrogen fuel systems for fuel cell vehicle applications. For more information go to www.QTWW.com and see QUANTUM's press release dated September 23, 2002 entitled, "QUANTUM Awarded Contract to Develop and Supply Hydrogen Storage Systems for Suzuki."
QUANTUM designs and manufactures state-of-the-art Fuel Systems for the world's largest automobile manufacturers and other non-automotive original equipment manufacturers (OEMs) of fuel cell applications and alternative fueled vehicles. QUANTUM's Fuel Systems are designed for fuel cell applications including transportation and industrial vehicles, stationary power generation, and portable power generation. Alternative fueled vehicles include cars, trucks, and buses powered by internal combustion engines that operate primarily on natural gas, propane and hydrogen. QUANTUM's advanced Fuel Systems comprise the storage, monitoring, control, and injection of gaseous fuels to improve efficiency, enhance power output, and optimize emissions from fuel cell systems and internal combustion engines. QUANTUM's fuel systems enable fuel cells and internal combustion engines to operate on hydrogen, natural gas, or propane.
QUANTUM's advanced fuel system products are in production today and can be found on General Motor's premiere line of Natural Gas and Propane fueled vehicles.
QUANTUM is a member of the GM Global Fuel Cell Alliance of fuel cell commercialization companies that includes Hydrogenics Corporation, Giner Electrochemical Systems and General Hydrogen Corporation. General Motors owns 19.9% of QUANTUM.
More information about QUANTUM can be found on its website at www.QTWW.com . |
