Quantum Wins Advanced Hybrid Vehicle Powertrain Devlopment Contract

Quantum Technologies (NASDAQ: QTWW) shares continue to drop from Friday's open of $2.95. Currently trading at $2.15 on volume of roughly 1.7 million shares traded, the stock continues to give back recent gains.

The company made a rather interesting announcement on Tuesday regarding its contract win with EDAG Engineering + Design AG (EDAG) for a Future Steel Vehicle program sponsored by WorldAutoSteel, the automotive group of the International Iron and Steel Institute (IISI). Under the terms of the agreement, Quantum will be responsible for the development of advanced plug-in hybrid electric vehicles (PHEV) and hydrogen fuel cell hybrid vehicles.

Speaking about the potential of the project, QTWW CEO Alan P. Niedzwiecki had this to say: "Demand for Quantum's innovative hybrid electric powertrain designs and experience in taking alternative propulsion system concepts into production continues to grow worldwide. We look forward to working with EDAG and IISI-WorldAutoSteel on this exciting integration of advanced lightweight vehicle structures with our advanced hybrid powertrains." "With oil prices above $130.00 a barrel and the national average of a gallon of gas exceeding $4.00 a gallon, there is growing demand worldwide for energy efficient transportation. IISI's vision for the development of a Future Steel Vehicle clearly addresses this need."

Despite shares losing value over the past few trading sessions, I will be watching the company closely as it does hold quite a bit of potential for future growth. With gas prices rising about $.10 per day in my neck of the woods, I'm quite aware of the need for alternative energy, particularly in the transportation and residential marketplaces. QTWW is playing in those very areas and making some major inroads in all three of the hydrogen, solar, and battery-power industries.