In connection with the planned expansion, Quantum also announced that it has closed on a $3.25 million capital lease financing arrangement with Amur Investment Company LLC, the proceeds of which will primarily be used to fund the purchase of new equipment related to the planned expansion.
“We are pleased to announce this production expansion plan for our existing Lake Forest facility and the non-dilutive equipment financing to begin this expansion,” said Brian Olson, president and CEO of Quantum. “The broadening interest in natural gas has driven a significant increase in demand for Quantum’s proven industry-leading, high capacity ultra light-weight natural gas vehicle fuel systems and we expect growth to continue in 2013 and beyond.”
Quantum has previously announced a significant increase in new orders for its CNG fuel storage systems in 2012 compared to orders received during the same period in 2011 from leading natural gas vehicle system integrators and system developers for supplying its ultra-lightweight carbon composite CNG storage tanks for a variety of transportation applications ranging from Class 1 to Class 8 natural gas trucks.
Source: Quantum Fuel Systems Technologies Worldwide, Inc.