Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) announced that its German solar photovoltaic partner, Asola has signed a Memorandum of Understanding (MOU) to establish a joint venture manufacturing plant in South Korea, to enable production and distribution of solar modules in that country.
The Korean partner, Q&Tech/Yongsan Inc., is a high volume manufacturer of electronic and automotive components and a supplier to the global automotive industry. The initial capacity is 30 megawatts (MW) solar modules consisting of mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 million annually, the company said.
The manufacturing facility in Korea will employ equipment, processes and quality controls that are identical to Asola’s 45-MW facility in Germany. The modules will be designed in Germany.
"South Korea, with their ambitious target of 1 gigawatts (GW) solar energy production by 2012, is one of the fastest growing solar energy markets in the world", commented Alan P. Niedzwiecki, President and CEO of Quantum. "Expansion into Korea provides us a timely vehicle for accelerated growth, to complement the markets in Europe".
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure." Quantum and Asola have entered into a long-term supply agreement with Ersol Solar Energy AG (ES6A.DE) for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008.
About Quantum:
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, 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. More information can be found about Quantum’s products and services at http://www.qtww.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. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, "Fisker Karma", the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com.
About Q&Tech/Yongsan:
Quality & Technology Korea Inc. and parent Yongsan Co., Ltd. are leading manufacturers of electronic and automotive components for leading OEMs around the world. The companies were initially formed in 1979, and are listed in the Korean stock exchange and are publicly traded companies. Further information can be found in http://www.qntec.co.kr and http://www.yong-san.co.kr.
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