IRVINE--- Quantum and German Solar Partner Asola Continue Expansion in Europe; Sign Agreement With Leading Italian Renewable Ene
Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) today announced that its German solar photovoltaic partner, Asola has signed an agreement to establish a joint venture in Southern Italy, to enable production and distribution of high quality, German-designed solar modules in Italy. The Italian partner, Eurobox Impianti s.r.l., is a leading developer of renewable energy projects including wind and solar power projects. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold the controlling stake in this joint venture.
"This deal gives us access to the Italian market, which is the third largest solar energy market in Europe with potential for 250 MW in 2009", commented Reinhard Wecker, the founder and CEO of Asola. "Our partner brings significant experience in this fast-growing market. Their in-house project development and system integration capabilities allow them to undertake large solar power projects. We are happy to bring our 20-years of German solar experience and global sourcing knowledge to this key market".
"This agreement represents an important milestone for Asola and Quantum", said Alan P. Niedzwiecki, President and CEO of Quantum. "With the recently announced tripling of Asola's manufacturing capacity in Germany, and planned expansions Korea, Italy, and in California, we will be well-positioned to play an important role in the global solar energy industry".
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 for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around the world (i.e. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
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.
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. The 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/.
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, the Fisker KARMA, the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com/. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become one of the most geographically diverse module manufacturers in the world.