Ardour Capital Upgrades Quantum Fuel Systems to Buy Re-iterates $9.00 Price Target

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Ardour Capital Investments, LLC, a New York based Investment Bank and a leading research institution in the Energy Technology/Alternative Power sector, announced today that it has upgraded Quantum Fuel Systems Technologies Worldwide, Inc.(QTWW/NASDAQ, closed at $5.42 on December 10, 2004) to a Â?BuyÂ? from an Â?AccumulateÂ?.

Ardour Capital Investments, LLC, a New York based Investment Bank and a leading research institution in the Energy Technology/Alternative Power sector, announced today that it has upgraded Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW/NASDAQ, closed at $5.42 on December 10, 2004) to a “Buy” from an “Accumulate”. The rating change comes on the heels of QTWW’s 2Q05 earnings report released yesterday after the market close. Although the Company reported lower than expected revenues for the quarter, the second half of FY05 should prove to be positive.

According to Analyst Walter Nasdeo, “The positives for the second half of FY05 include, QTWW expects to reach cash flow breakeven; the Company currently has $14 million in backlog; and QTWW’s recent acquisition of Starcraft Corporation (STCR/NASDAQ) should boost OEM contracts from major automobile manufacturers.” Nasdeo went on to state, “we also expect this acquisition will help diversify the Company’s operations, and increase production efficiencies.” Taking into consideration QTWW’s position going forward, Nasdeo believes that Quantum’s stock has been oversold, and is a clear buying opportunity at these price levels.

About Ardour Capital Investments

Ardour provides a wide range of financial services for both public and private growth companies. Ardour supplies investors specializing in small capitalization growth companies an independent brand of research not traditionally found within the securities industry. Ardour has made a commitment to be a leading research institution in the Energy Technology/Alternative Power sector.

Contact Information:

Walter Nasdeo - 212-375-2958

Director of Research

Brian Greenstein - 212-375-2956

Managing Partner

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Brian Greenstein or Walter Nasdeo
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