Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. is set to benefit from a hydrogen fuel cell vehicle deal General Motors Corp. said it won Wednesday from the Department of Energy.
As part of GM’s $88 million development deal, Quantum Fuel will be tapped to provide compressed hydrogen strorage systems as well as facilities to store and maintain fuel cells. The Army at Fort Belvoir, Va., also is set to provide facilities for GM.
GM will provide half of the funds to develop fuel cell demonstration vehicles in Washington, D.C., New York, California and Michigan. The Department of Energy is set to contribute the other half of the program’s funds under a deal that expires in fall 2009.
Quantum’s part of the contract wasn’t disclosed.
Shares of the company, which develops alternate fuel systems, were up 10% to $4.6 Wednesday.
