Boston, MA 05/13/2014 (wallstreetpr) – The management of Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW) recently announced that the company would be engaging in the business of providing complete natural gas storage systems including model systems for storing CNG. This would involve the manufacture and supply of large storage tanks.
QTWW also stated that they would primarily prefer to cater to the heavy duty OEM market, and to a lesser extent with the other segments in the industry.
Long Term Supply Agreement
Quantum Fuel Systems also announced that they have entered into a long term supply agreement with Ryder System, Inc. (NYSE:R). This would involve the supply of natural gas storage systems. This would include the CNG fuel storage tanks and other related systems.
The benefits to this large transportation company are expected to be substantial, as the operating costs would be greatly reduced. Besides, the corresponding increase in the trucks that are leased out by Ryder would add to the company’s profits.
Incidentally, Ryder System Inc. would be the first company to avail of the services offered by Quantum on a national level.
Innovative Plans
Quantum Fuel Systems have ambitious plans of increasing their existing clientele, and simultaneously, venturing into newer areas in this field. The main onus however, would be on developing better techniques and technologies to keep improving their fuel storage tank side of the business. Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW) also has plans to integrate its systems to serve the OEM’s with their CNG storage technology.
Market Research
In order to achieve the goals set out by the management of Quantum, it became increasingly important to understand the pulse of the market in this segment. The company took several months to analyze data collected from the different market surveys they conducted. They finally concluded that the best segment to address would be OEM’s involved in transportation and fuel storage systems.
Quantum Fuel Systems Tech Worldwide Inc. (NASDAQ:QTWW), as a result has emerged as a competent provider of low cost solutions in this sector.
