....the stock should double should they announce a deal with California?
Quantum and German Solar Partner Asola Awarded $20 Million Contract by a Leading European Solar System Integrator
Wednesday March 26, 9:00 am ET
IRVINE, Calif., March 26 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW - News) 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."
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 also formed a new company with Fisker Coachbuild, LLC, which is 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.
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