Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced that its German affiliate Asola, has signed a Memorandum of Understanding to establish a joint venture manufacturing plant for solar modules in Ontario, Canada.
The Canadian partner, Evergreen Power Ltd., is a developer of renewable energy projects, with well-established relationships in the building industry. The planned initial production capacity is 30 megawatts (MW) per year of solar modules incorporating mono- and poly-crystalline silicon solar cells.
The joint venture company will market solar photovoltaic (PV) modules under the "Asola" brand. Quantum owns a 24.9% interest in Asola.
The manufacturing facility, located near Toronto, will replicate the equipment, processes and quality control measures employed at Asola’s 45-MW facility in Germany. Key materials including silicon solar cells are expected to be centrally purchased by Asola in Germany, from global sources to benefit from economies of scale.
Reinhard Wecker, the founder and CEO of Asola, said the company plans to bring a series of designs to the Canadian market, including building integrated photovoltaic products.
Tim Burke, COO of Evergreen Power Ltd., said modules will be available in mid-2011, and that the company has long-term goals to manufacture modules for use in the automotive industry.
"Ontario, with its progressive feed-in-tariff programs, is one of the fastest growing solar energy markets in the world," commented Alan P. Niedzwiecki, President and CEO of Quantum. "Ontario’s aging grid and recent blackouts have highlighted the importance of distributed generation and created a sense of urgency in this market. Manufacturing in Ontario provides us, through our affiliation with Asola, with products with the right local content, and a timely vehicle for accelerated growth, to complement our Schneider Power acquisition."
Quantum recently acquired Ontario-based renewable energy company Schneider Power Inc., gaining a project portfolio in excess of 1,000 MW.
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