Long-term Agreement to help reduce costs, extend fuel range, and
increase vehicle uptime for CNG vehicles
MIAMI--(BUSINESS WIRE)--
Ryder
System, Inc. (NYSE: R), a leader in commercial transportation and
supply chain management solutions, today announced it has entered into a
long-term agreement with Quantum Fuel Systems Technologies Worldwide,
Inc. (NASDAQ: QTWW) for the purchase and supply of complete compressed
natural gas (CNG) fuel systems that will help reduce costs and increase
vehicle uptime for businesses that lease CNG trucks from Ryder. With the
agreement, Ryder will purchase state-of-the-art CNG tank systems
directly from Quantum and install them onto CNG-powered vehicles with a
team of Ryder technicians using state-of-the-art industry procedures
related to these systems. Natural gas tank storage systems are one of
the most expensive components of a natural gas vehicle. By purchasing
the systems direct, Ryder can pass savings onto its lease customers,
ultimately delivering a faster return on investment for this natural gas
vehicle technology. Ryder will be the first transportation company to
use Quantum’s OEM-quality CNG systems on a national scale. In addition
to the purchasing agreement, Quantum and Ryder will work together to
improve future fuel system designs, based on Ryder’s market leadership
and experience operating CNG vehicles in commercial truck applications.
“Next to the limited commercial fuel infrastructure, the biggest barrier
to the broad adoption of natural gas vehicles is the initial cost of the
technology,” stated Ryder President of Global Fleet Management
Solutions, Dennis Cooke. “This relationship will help make compressed
natural gas vehicles more affordable and reliable, so more businesses
can take advantage of their environmental and efficiency benefits.”
Quantum is a global leader in CNG storage systems, integration and
vehicle system technologies. Quantum produces one of the most
innovative, advanced, and lightweight compressed natural gas storage
tanks in the world. Ryder will be using Quantum’s Q-liteTM
CNG tank system, which is lighter than other tank systems on the market,
making it highly effective in delivery applications where payloads have
increased and on-board weight saving is essential. The high capacity
systems are designed for superior reliability, helping to improve
vehicle up-time. The adaptable model design is ideal for medium and
heavy duty trucks, and provides exceptional cost, weight, and capacity
(Diesel Gallon Equivalent - DGE). Ryder’s maintenance team has worked
with Quantum to develop comprehensive procedures to ensure that tank
system installations will meet the highest industry standards.
“With Ryder, we can bring our leading-edge natural gas tank storage and
system technology to a larger base of businesses that are looking to
improve efficiencies, save on fueling costs, and get better performance
from their natural gas fleets,” said Brian Olson, President and CEO of
Quantum. “Our Q-Lite™ natural gas storage module is gaining increasing
market attention due to its storage efficiency and light weight
characteristics that help to improve performance and increase fuel range
in commercial trucking applications."
Ryder is the market leader in natural gas vehicle and maintenance
solutions for the commercial transportation industry. Businesses can tap
into Ryder's extensive knowledge of natural gas vehicle operations,
expanding maintenance network, and its highly trained and experienced
technicians, to ensure the safe operation, maintenance, and fueling of
natural gas vehicles. Ryder’s leasing and rental business model enables
businesses to “test” the new technology with less risk of downtime, as
well as insulate themselves from the unknown residual risk.
Ryder’s natural gas fleet includes over 500 compressed and liquefied
natural gas vehicles operating more than 20 million miles, and serving
over 40 customers in California, New York, Texas, Arizona, Michigan,
Utah, Georgia, and Louisiana. The company also operates two Liquefied to
Compressed Natural Gas (LCNG) fuel stations at its maintenance
facilities in Orange and Fontana, California.
About Ryder
Ryder is a FORTUNE 500® commercial transportation, logistics and supply
chain management solutions company. Ryder’s stock (NYSE:R) is a
component of the Dow Jones Transportation Average and the Standard &
Poor’s 500 Index. Ryder has been ranked three years in a row as one of
the top 250 U.S. companies in the Newsweek Green Rankings. Ryder
is a charter member of the NGV Fleet Forum and a member of the
Department of Energy’s National Clean Fleets partnership. Ryder is also
a recipient of the 2011 NGV Achievement Award and has been recognized by
the Carbon Disclosure Project (CDP) in the Carbon Disclosure Leadership
Index. A member of the American Red Cross Disaster Responder Program,
Ryder is proud to support national and local disaster preparedness and
response efforts. For more information, visit www.ryder.com
and follow us on Facebook,
YouTube,
and Twitter.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the
innovation, development and production of natural gas fuel storage
systems and the integration of vehicle system technologies, including
engine and vehicle control systems and drivetrains. Quantum produces one
of the most innovative, advanced, and light-weight compressed natural
gas storage tanks in the world, and supplies these tanks, in addition to
fully-integrated natural gas storage systems, to truck and automotive
OEMs and aftermarket and OEM truck integrators. Quantum provides low
emission and fast-to-market solutions to support the integration and
production of natural gas fuel and storage systems, hybrid, fuel cell,
and specialty vehicles, as well as modular, transportable hydrogen
refueling stations. Quantum is headquartered in Lake Forest, California,
and has operations and affiliations in the United States, Canada, and
India.
Note Regarding Forward-Looking Statements: Certain statements
and information included in this news release are
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on our current plans and expectations and are
subject to risks, uncertainties and assumptions. Accordingly,
these forward-looking statements should be evaluated with consideration
given to the many risks and uncertainties that could cause actual
results and events to differ materially from those in the
forward-looking statements including those risks set forth in our
periodic filings with the Securities and Exchange Commission. New
risks emerge from time to time. It is not possible for management
to predict all such risk factors or to assess the impact of such risks
on our business. Accordingly, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Source: Ryder System, Inc.