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Quantum and German Solar Partner Asola Enter Into 155 MW Solar Cell Supply Agreement With ersol Group AG
IRVINE, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that its German solar strategic partner, asola Advanced and Automotive Solar Systems GmbH (Asola), has signed a 10-year supply contract with ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. The potential revenue associated with the purchased ersol cells is estimated to exceed US $0.5 Billion.
This agreement guarantees a 10 year supply of solar cells to Quantum and Asola, avoiding any potential future disruptions due to polysilicon shortages, as have been recently experienced by the solar cell industry. Quantum and Asola intend to jointly utilize the ersol cells for the manufacture of high quality solar modules for commercial, residential, and automotive applications in both Europe and the United States. This guaranteed supply will enable the expansion of Quantum and Asola solar modules into Germany, Spain, Italy, and France as well as into the United States, beginning in California.
'We are very pleased to enter into this relationship with our long-term partner Asola. Together with Quantum and Asola, we hope to accelerate our entry into the fast growing California solar market,' said Dr. Claus Beneking, ersol CEO.
'This photovoltaic cell purchase agreement positions Quantum and our strategic partner, Asola, for expansion into fast-growing renewable energy markets in Europe and California. Asola's high-quality solar modules continue to be in high-demand in the expanding renewable energy markets in Germany, Spain, Italy, and France. Our goal is to produce and make these high-quality solar modules available in the United States as well,' said Alan P. Niedzwiecki, President and CEO of Quantum. 'As a California-based company, we believe that Quantum, together with Asola, is well positioned to capitalize on the multi-billion dollar California Solar Initiative, which provides incentives for solar installations over the next decade for residential homes and commercial, industrial, and agricultural properties.'
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, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
More information can be found about Quantum's products and services at
http://www.qtww.com.
About ersol:
ersol Solar Energy AG produces and markets high-quality silicon-based photovoltaic products. The ersol Group comprises the divisions Silicon, Wafers, Solar Cells and Modules. With 2006 sales of approximately US$ 180 Million and a 2010 production target of 400 MWp, this German company is one of the global leaders in the solar photovoltaic industry. ersol is listed in the Frankfurt Stock Exchange (ES6), and has been added to the TecDAX index. More information can be found in
http://www.ersol.de.
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. More information can be found in
http://www.asola-power.com.
Forward Looking Statements
Except for historical information, the statements, expectations, and assumptions contained in the foregoing press release are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company's expectations regarding expected future revenues and operating results; future opportunities for Quantum; the Company's ability to fulfill orders in the future; and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Such statements are subject to a number of risks and uncertainties, and actual results could differ materially from those discussed in any forward-looking statement. Factors that could cause actual results to differ materially from such forward-looking statements include, among other factors, the Company's ability to expand into renewable energy markets, ability to avoid future supply interruptions, ability to secure process equipment, and ability to expand into California. Reference should also be made to the risk factors set forth from time to time in the Company's SEC reports, including but not limited to those contained in the section entitled 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2007. The Company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
For more information regarding Quantum, please contact:
Dale Rasmussen
Investor Relations
Email: DRasmussen@qtww.com
+1-206-315-8242
(C)2007 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.
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