IRVINE, Calif., March 5 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, has been awarded a contract by AS Solar GmbH for the supply of high-efficiency silicon photovoltaic solar modules. The value of this contract is estimated at $135 million over a three year period, beginning in 2008, and subject to final negotiations on quantity and price in 2009 and 2010.
Asola will supply its state-of-the-art 270 Watt and 230 Watt modules to AS Solar for installations primarily in Spain. AS Solar is a leading German integrated solar energy systems company with a strategic focus on Germany, Italy, and Spain.
"Asola is pleased to be selected by AS Solar to be its long-term supplier supporting their growing portfolio of European projects," said Asola's founder and CEO, Reinhard Wecker. "Our state-of-the-art, high-efficiency modules and high-quality module production processes were key to meeting all of AS Solar's rigorous requirements for these projects."
Quantum has recently announced acquisition of a 25% stake in Asola, and also a long-term supply contract 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 US $500 million for Asola and Quantum.
"We are excited to be able to announce this contract award for Asola's solar modules so soon after entering into the recently announced long-term photovoltaic cell purchase agreement," 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. With our supply of solar cells secured, 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."
The Spanish solar energy market is projected to grow in excess of 67% per year. Both Alan Niedzwiecki and Reinhard Wecker presented Quantum's and Asola's clean energy solutions at 'Genera08' Energy and Environment International Trade-fair in Madrid, Spain, 26-28th of February, 2008.
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.
More information can be found about Quantum's products and services at http://www.qtww.com .
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 Asola and Quantum; Asola's ability to secure solar cells and 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, ASOLA's ability to expand production, the overall expansion of the solar industry, and general economic conditions. 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
Dr. Neel Sirosh
Chief Technology Officer
Email: NSirosh@qtww.com
+1-949-399-4698
©2008 Quantum Fuel Systems Technologies Worldwide, Inc.
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
Advanced Technology Center
17872 Cartwright Road, Irvine, CA 92614
Phone 949-399-4500 Fax 949-399-4600
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Orlando, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
info@redchip.com
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