Acquired by Billion-Dollar Investment Firm
And Vows to Pursue ANG Along with CNG
Quantum Fuel Systems Technologies, said this morning that it’s been bought by Douglas Acquisitions LLC, “a family-owned $1 billion private equity firm based in Northern California.”
The deal has been pending since April, states a release, following Quantum’s entering Chapter 11 bankruptcy earlier in the year (F&F, March 26).
Quantum, to be wholly owned by Douglas and henceforth known as Quantum Fuel Systems, LLC will go forward with such offering as lightweight Type IV compressed natural gas fuel systems, CNG fuel systems for heavy duty trucks, and “virtual pipeline” CNG transport trailers.
40% Market Share Claimed
Quantum claims to have secured “a market share in excess of 40% for over-the-road CNG heavy duty vehicles in North America.”
Also according to today’s release, “the Quantum acquisition expands Douglas’ portfolio of automotive investments. Since 1976, Douglas has owned KSR International, Inc., an industry leader in the design, engineering and manufacture of an array of products for the transportation industry (autos, light trucks, ATVs), including automotive sensors, electronic throttle controls, adjustable and fixed pedals, electric steering control units and power modules.
“KSR has annual revenues of $300 million.”
Getting into Adsorbed Natural Gas
Further, in 2014, Douglas authorized KSR to form a consortium that launched Alternative Fuel Containers, LLC. “AFC’s goal is to develop natural gas storage tanks to minimize refueling time and maximize miles driven per tank. The AFC tank design is based on using MOF (metal organic framework) adsorbent to capture natural gas at the molecular level.”
Quantum, in other words, will augment its work in CNG storage with ANG/adsorbed natural gas technology to enable natural gas vehicles to carry more fuel at lower pressures.
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Source: Quantum with Fleets & Fuels follow-up