Mar 26 2008
Quantum Fuel Systems Technologies Worldwide, Inc. today announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, has won a $20 million contract from Krannich Solar, for the supply of high-efficiency silicon photovoltaic solar modules. Krannich Solar, which is one of the largest solar system providers in Europe, will take delivery of Asola's high quality products in 2008.
"Asola is pleased to receive this award from Krannich Solar," commented Asola's founder and CEO, Reinhard Wecker. "Krannich is a tremendous European company, and home to the major leading brands in the industry. We are honored to join the ranks of world-leading premier solar module manufacturers."
Quantum has recently announced acquisition of a 25% stake in Asola, and also 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. The Ersol agreement guarantees a supply of solar cells to Quantum and Asola, thereby avoiding any potential future disruptions due to polysilicon shortages, as have been recently experienced by the solar cell industry. Resulting sales from the supply agreement with Ersol are anticipated to generate in excess of US $500 million for Asola and Quantum.
"The European solar industry demands the best, and we are pleased by the high confidence shown by our customers in Asola's technology leadership, high reliability and manufacturing quality," said Alan P. Niedzwiecki, President and CEO of Quantum. "Demand for Asola's high-quality solar modules continues to grow in the expanding renewable energy markets in Germany, Spain, Italy, and France. We believe that Quantum and Asola are well-positioned to meet this demand in Europe as well as to capitalize on the opportunities in California and the rest of North America."