Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that it has completed the acquisition of a 25% equity stake in ASOLA Advanced and Automotive Solar Systems GmbH, a leading German solar energy technology company that develops and manufactures photovoltaic modules for a number of applications, including commercial, residential and automotive.
Based on existing orders and capacity, ASOLA anticipates 2008 revenues in excess of 50 million Euros while generating positive net profits. ASOLA says its order backlog extends for several years and that it will continue to expand production capacity at its German facilities.
As previously announced, ASOLA has signed a long-term supply contract with Ersol Solar Energy AG for the procurement of 155 megawatts (MW) of high-efficiency silicon photovoltaic solar cells, starting in 2008. This agreement guarantees a supply of solar cells to Quantum and ASOLA.
Resulting sales from the supply agreement with Ersol are anticipated to generate US $500 million for ASOLA and Quantum, according to a release. Quantum and ASOLA intend to jointly utilize the Ersol cells for the manufacture of high quality solar modules for commercial, residential, and automotive applications in both Europe and the United States.
Alan P. Niedzwiecki, President and CEO of Quantum, said, "Demand for ASOLA’s high-quality solar modules continues to grow in the expanding renewable energy markets in Germany, Spain, Italy, and France. Our goal is to produce and make these high-quality solar modules available in the United States as well."
He added, "As a California-based company, we believe that Quantum, together with ASOLA, is well positioned to capitalize on the multi-billion dollar California Solar Initiative, which provides incentives for solar installations over the next decade for residential homes and commercial, industrial, and agricultural properties."
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, develops advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum has also formed a new company with Fisker Coachbuild, LLC, which is called Fisker Automotive, Inc. Fisker Automotive will offer a range of environmentally friendly premium cars, incorporating Quantum’s proprietary high-performance plug-in-hybrid electric vehicle architecture, known as "Q-Drive," into a unique chassis that will enable optimizing the performance and vehicle dynamics.
About ASOLA:
ASOLA Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise 4, 5, 6, or 6+ mono-crystalline or polycrystalline silicon cells. ASOLA’s technologies include high output and high efficiency flat modules for residential and industrial applications, specialized spherical curved modules for automotive applications and modules for various thin film technologies. More information can be found at http://www.asola-power.com.
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