Natural Gas storage company Quantum Fuel Systems Technologies Worldwide on Thursday announced it has seen a $2 million increase in orders for its compressed natural gas storage tanks. CNG is used as a transportation fuel, and companies such as Clean Energy Corp (NASDAQ: CLNE) have reported significant growth within the sector.
Quantum says this increase in demand for its storage tanks came both from its existing customer base, and newly acquired customers in both the United States and Canada.
“The substantial savings achieved by many of the fleets which have been testing CNG vehicles is now translating into volume orders,” Brian Olson, President and CEO of Quantum said in a statement on Thursday. “We expect this trend to only accelerate in 2014 as the recently introduced 11.9L engine becomes available in higher volumes.”
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