Stocks for Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW) jumped 22 percent today after the company announced it had been awarded a contract by Force Protection Inc. (Nasdaq: FRPT), manufacturer and developer of Mine-Resistant Ambush Protected (MRAP) vehicles for the military.According to the press release, Quantum will provide Force Protection with engineering design and production support on the latter’s vehicles, including prototype vehicle builds and manufacturing process development. As a fully integrated alternative energy company and a leader in power-train engineering, system integration, and fuel system manufacturing, Quantum is well-suited for dealing with the project.
“We are pleased to be able to support Force Protection Inc. in producing its advanced ballistic- and blast-protected vehicles, which have protected and saved the lives of our armed forces and security personnel overseas,” said Alan Niedzwiecki, president and CEO of Quantum. “We look forward to building on this relationship through this contract and future opportunities to apply our fast-to-market, limited volume production expertise to assist in the deployment of these critically needed vehicles.”
This news comes less than two weeks after Quantum was awarded a contract by the U.S. Army to develop a diesel hybrid version of the company’s successful “Aggressor” hybrid vehicle.
Stocks rose steadily after the news, from an opening price of $1.60 a share to $1.79 a share by mid-afternoon.
Calls made to Quantum headquarters went unreturned.