Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, is expanding its annual solar module manufacturing capacity to 45 megawatts (MW) peak power, in response to increasing demand for photovoltaic power systems in Europe.
Asola has successfully secured financing for this expansion, and plans to commission the new facility by fall 2008.
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership. Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of silicon photovoltaic solar cells, starting in 2008.
Together with supply contracts with other major suppliers around the world (i.e. MOTECH, Sunergy and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola, thereby avoiding any potential future disruptions due to crystalline silicon shortages, as have been recently experienced by the solar cell industry. Resulting sales from these supply agreements are anticipated to generate in excess of US$600 million for Asola and Quantum.
"Electricity buy back guarantee programs continue to expand the market for high quality solar photovoltaic power systems in Europe", commented Alan P. Niedzwiecki, President and CEO of Quantum. "We are excited to be in this vibrant market place."
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc. is a leader in the development and production of 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 co-founded a "green American car company" 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. "Fisker Karma" launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com.
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 modules for automotive applications and modules for various thin film technologies. More information can be found at www.asola-power.com.
Loading...