Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW) recently announced its strategic preference to serve the heavy duty OEM market besides other market segments. The company plans to offer complete natural gas storage systems including CNG fuel storage tanks and module systems. The company recently also signed a long term supply agreement with a leading transportation company under which it will supply the natural gas storage systems. This certainly indicates company’s plans to diversify its existing customer base. The company strategically plans to leverage its core expertise in advanced tank technologies as well as system integration for OEMs and fleets for comprehensive CNG fuel systems.
Complete CNG Storage Systems:
Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW) indicated that this strategy was thought upon since several months based on the feedback from market which was seeking lower cost solutions. Moreover, this strategy is also in line with its desired direction, experience, personnel capabilities and technology advantages. Quantum has already demonstrated its ability with development of cost effective systems around its tank technology for number of vehicle applications. The company introduced its rail mounted storage systems during 2013 and an innovative light weight BOC (back of cab) storage system recently in March 2014.
Now, Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW) is expanding its storage system production capacity for both BOC as well as rail mounted system while leveraging certain relationships for assembling and installing these systems on vehicles.
President and Chief Executive Officer of the company, Brian Olson commented, “We are currently positioned to take full advantage of our core strengths and provide complete fuel storage modules to the heavy duty and medium duty truck industry and provide exceptional value to our targeted customers.” The CEO noted that the company expects to drive considerable levels of product orders from new customers in the coming quarters.
On Friday, the stock closed at $3.62, gaining 11.73% from its previous close.