It’s been a mighty rough 2010 for Quantum Fuel Systems (QTWW), falling from a high of 1.50 last September to around 50 cents yesterday.  Today, it finally got some good news and the stock surged 16% with good volume.  It’s still trading well below a buck, but perhaps the bottom is near.  It announced this morning that it’s been awarded a contract from Lockheed Martin (LMT) to supply hydrogen metering systems for use in Lockheed’s ISIS airship.

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The ISIS airship aims to revolutionize intelligence and surveillance missions while running on solar and hydrogen energy.  Solar energy is used during the day which also electrolyzes water to produce hydrogen and oxygen for energy at night.  The two companies have been working in the past to develop hydrogen storage vessels and this deal expands that relationship. 

Quantum CEO Alan Niedzwiecki commented: “Quantum is a world leader in ultra-lightweight energy storage technology, having our roots in developing and supplying carbon-composite hydrogen and natural gas tanks to leading global automakers for fuel cell and alternative fuel vehicles.  We are pleased to work with Lockheed Martin to further advance Quantum’s gaseous fuel metering technology, for applications involving hydrogen and oxygen for the ISIS program.”