IISI is the International Iron and Steel Institute, which has an automotive group, and EDAG is the Engineering + Design AG. The two are involved in the Future Steel Vehicle program, which hopes to find new, lightweight steel autobody concepts that are designed to work well with new vehicle powertrains, be they plug-in hybrids or hydrogen fuel cell. Quantum's task is develop the powertrains (advanced lithium-ion battery system and controls) with partner Advanced Lithium Power Inc. All of these concepts are meant to show that old-school steel is not dead yet (in fact, I heard it's going for a walk). Don't think the Rocky Mountain Institute will be in favor of that. Details after the jump.
Quantum Fuel Systems Technologies Worldwide Awarded Contract to Develop Advanced Hybrid Vehicle Powertrains for IISI's Future Steel Vehicle Program with EDAG
IRVINE, Calif., June 10 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) today announced that it was awarded a contract by EDAG Engineering + Design AG (EDAG) to develop advanced hybrid vehicle powertrains for the Future Steel Vehicle program sponsored by WorldAutoSteel, the automotive group of the International Iron and Steel Institute (IISI).
Under this contract, Quantum will design, analyze, and develop hybrid vehicle powertrain architectures, i.e., advanced plug-in hybrid electric vehicles (PHEV) and hydrogen fuel cell hybrid vehicles. Quantum will work with their partner, Advanced Lithium Power Inc. (ALP), to develop the advanced lithium-ion battery system and controls for each of the vehicle architectures.
Future Steel Vehicle will develop lightweight steel auto body concepts that address alternative powertrains, such as advanced hybrid, electric, and fuel cell systems. The goal of the research is the demonstration of safe, structurally efficient steel bodies for future vehicles that reduce GHG (green house gas) emissions over the entire life cycle, it demonstrates steel as the material of choice for alternative fuel architectures and positions the steel industry as a key resource for cost-effective structures and opportunities for packaging of alternative propulsion systems. EDAG, with expertise in product and manufacturing engineering using Advanced High Strength Steel (AHSS) for automotive sheet metal structures, as well as body and closure design, was awarded the program by IISI. EDAG, headquartered in Fulda, Germany, is the world's largest independent engineering development partner to the international mobility industry. Quantum is a member of EDAG's winning team and will develop the alternative powertrain systems for the Future Steel Vehicle project.
"Demand for Quantum's innovative hybrid electric powertrain designs and experience in taking alternative propulsion system concepts into production continues to grow worldwide. We look forward to working with EDAG and IISI-WorldAutoSteel on this exciting integration of advanced lightweight vehicle structures with our advanced hybrid powertrains," said Alan P. Niedzwiecki, President and CEO of Quantum. "With oil prices above $130.00 a barrel and the national average of a gallon of gas exceeding $4.00 a gallon, there is growing demand worldwide for energy efficient transportation. IISI's vision for the development of a Future Steel Vehicle clearly addresses this need."
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, dealer networks, 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; future opportunities for Quantum; the Company's ability to fulfill orders in the future; 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, prevailing market conditions; the Company's ability to design and market automotive products; the Company's ability to meet customer specifications and qualification requirements; availability of component parts and raw materials that meet the Company's requirements; and the Company's ability to source alternative materials and suppliers. 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.
[Source: Quantum Fuel Systems Technologies Worldwide, Inc.]