Boston, MA 06/18/2014 (wallstreetpr) – Natural gas storage system leader, Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW) disclosed that it had been awarded a contract by Dillon Transport. The company has not disclosed the amount of the contract or the potential it will have on revenue generation for the full year. However, shares of the company reacted favorably to the news on Tuesday.
Contract From Dillon Transport
The contract is awarded by a big transportation company for the light-weight back-of-cab natural gas storage system thus reposing complete faith in Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW). Dillon Transport is an established company with 30 years of experience in temperature-sensitive transportation. Aside from this, the company has about 20 locations in the U.S.
Quantum Fuel Systems said that the back-of-cab process included is Q-Lite tanks of compressed natural gas storage.
Management Speaks
Dillon Transport president Jeff Dillon said that it had chosen Quantum Fuel Systems because of its highly noble back-of-cab storage process for its weight savings apart from the cost-effective advantage of the system. He added that his company has given a firm commitment to the trucks of compressed natural gas and identified Quantum as a company to offer solutions of attractive storage system as its natural gas trucks solution provider.
Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW) president and CEO Brian Olson viewed the contract as a major one considering Dillon Transport’s experience and its position in the field. He added that offering transportation companies an effective CNG solution is an industry necessity and a channel for adoption of natural gas vehicle.
Purchase Order
Quantum Fuel Systems had earlier on June 9 disclosed a fresh expanded purchase order by Westport for its compressed natural gas tanks apart from deliveries commitments in the current year based on volume levels.
Stock Price
Following the announcement of a contract from Dillon Transport, shares of Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW) jumped a little over 25% to trade at $5.41 during the intra-day trading on Tuesday before settling with a profit of 22% to end the day at $5.27.
