Sep 24 2010
Quantum Fuel Systems Technologies Worldwide Inc declared that California Energy Commission (CEC) has given consent to its application for a low interest bearing loan of $4.4 million as per the clauses of Clean Energy Business Financing Program (CEBFP) currently available for the solar products manufacturers located in the state.
The company said that the funds will be utilized for the purchase of manufacturing machinery for the proposed 45 MW solar module plant to be located in Irvine CA.
The proposed plant at Irvine will have all the existing features such as equipment, production and quality control standards currently deployed at the 45 MW factory of Asola an associate company of Quantum located in Germany. The new company will manufacture solar modules utilizing the patented technologies and best manufacturing practices followed in the Germany plant. All the important materials required for the production of silicon solar cells will be centrally bought by Asola in Germany and from other global companies to save on costs. Quantum presently has 25% equity in Asola.
Schwarzenegger, Governor of California, said that the clean energy initiative of California is amply supported by the producers who invest to produce clean energy products. He commended the effort of the companies in continuing their work in renewable energy technology and for introducing more job opportunities in the state.
Alan P. Niedzwiecki, Quantum’s President and CEO, thanked the governor for the loan. He added that having manufacturing facilities in the state enabled the company to launch new products to sustain the growth efforts of the companies in the household, business and utility level solar products and automotive products.