IRVINE--- Morocco Backs Quantum and German Solar Partner Asola in their Expansion to the Growing Renewable Energy Markets of Nor
Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) today announced that it's German solar photovoltaic partner Asola has signed an exclusive agreement to establish a joint venture in Morocco, to ensure availability of solar photovoltaic modules in support of the growing demand for renewable energy in Northern African countries. Asola and the Moroccan partner Majdaline Holding will implement a solar module manufacturing facility in Casablanca, with initial capacity of 30 MW (megawatts of peak power) solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold the controlling stake in this joint venture.
"In view of the rising demand for energy, the high price of oil and shrinking reserves, many countries are facing the challenge of developing alternative energy sources and prioritizing their utilization. Morocco has recognized the strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R&D and utilization of clean renewable energy, to improve energy security and protect the environment, while supporting lasting economic and social development of Morocco," commented His Excellency Mohammed Rachad Bouhlal, Morocco's ambassador to Germany, Mr. Elbied, CEO and President of Majdaline Group and Dr. Ayaita, Professor of Electrical Engineering, University of Kassel, Germany, in a joint statement. "We are impressed by Quantum and Asola and their extensive background in clean and renewable energy systems and look forward to a long- term collaboration with them."
"Our business model of centralized technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco", said Reinhard Wecker, Founder and CEO of Asola. "We are pleased by the support and backing of the Government of Morocco for this joint venture, which will open the door to the growing solar markets in Northern Africa."
Quantum and Asola have recently announced tripling of the plant capacity in Germany and also expansions into Korea and Italy. 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. "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, "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, Korea, Italy etc., the Asola-Quantum group will soon become a most geographically diverse module manufacturer in the world.