Global Thermoelectric Terminates Combination Agreement With Quantum

IRVINE, Calif., Aug. 4, 2003 -- Quantum Fuel Systems Technologies Worldwide, Inc., announced today that Global Thermoelectric Inc. has terminated the Combination Agreement with Quantum as a result of a proposed combination between Global Thermoelectric and FuelCell Energy, Inc. . Pursuant to the terms of its Combination Agreement with Global Thermoelectric, Quantum had three days to respond to the competing proposal by FuelCell. Upon reviewing the terms of the competing proposal and after full consideration of the possible alternative terms that may be offered by Quantum, the board of directors of Quantum concluded that it is not in the best interest of Quantum or its stockholders to propose any adjustments or improvements to the terms and conditions of the transaction contemplated by the Combination Agreement between Quantum and Global Thermoelectric. As a result of the termination of the Combination Agreement, Quantum today received a USD$2 million break-up fee from Global Thermoelectric.

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  About Quantum

Quantum focuses on energy technologies in three main areas: Transportation, Stationary Power, and Hydrogen Refueling. Quantum designs and manufactures fuel storage, fuel metering, electronic components and integrated systems for alternative fuel vehicles and transportation and stationary power fuel cell applications. These components and systems were developed specifically for clean burning fuels such as propane, natural gas, and hydrogen. Leveraging this expertise, Quantum also designs and manufactures hydrogen-refueling products. Quantum's web site: www.qtww.com .

Quantum is a member of the GM fuel cell alliance of fuel cell commercialization companies. GM is a strategic investor in Quantum with a 19.9% equity position.