Quantum and Asola to Triple Plant Capacity for Solar Modules in Germany to Meet Increasing Demand

[OKIsItJustMe]

http://www.redorbit.com/news/business/1394326/quantum_and_asola_to_triple_plant_capacity_for_solar_modules/

Quantum and Asola to Triple Plant Capacity for Solar Modules in Germany to Meet Increasing Demand

Posted on: Tuesday, 20 May 2008, 09:01 CDT

IRVINE, Calif., May 20 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. today announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, is expanding its annual solar module manufacturing capacity to 45 MW (megawatts peak power), in response to increasing demand for photovoltaic power systems in Europe. Asola has successfully secured financing for this expansion, and plans to commission the new, state of the art facility by fall 2008.

Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership. 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. MOTECH, Sunergy and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola, thereby avoiding any potential future disruptions due to crystalline silicon shortages, as have been recently experienced by the solar cell industry. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.

"Electricity buy back guarantee programs continue to expand the market for high quality solar photovoltaic power systems in Europe", commented Alan P. Niedzwiecki, President and CEO of Quantum. "We are excited to be in this vibrant market place, and pleased by the customer-loyalty and appreciation for Asola's technology leadership, reliability and highest manufacturing quality."

"Asola is pleased to kick off this much needed expansion project in partnership with Quantum," said Asola's founder and CEO, Reinhard Wecker. "We are thankful to our bank, local and federal government agencies, key customers and suppliers for their collaboration and support for this project. Our expanded capacity will allow us to serve new and existing customers who are demanding increasing quantities of high quality solar photovoltaic products to ensure reliable electricity production during peak demand hours".

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[kristopher]

1. That's what I'm talking about; ramping up^^^^^ nt