Monday September 15, 9:30 am ET
IRVINE, Calif., ISSERODA, Germany, and CHUNGNAM, Korea, Sept. 15 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NasdaqGM: QTWW) today announced that its German solar photovoltaic partner, Asola has signed a Memorandum of Understanding to establish a joint venture manufacturing plant in South Korea, to enable production and distribution of high quality, German-designed solar modules in South Korea. The Korean partner Q&Tech / Yongsan Inc., is a high volume manufacturer of electronic and automotive components and a leading supplier to the global automotive industry. The initial capacity is 30 MW (megawatts of peak power) solar modules consisting or mono- and poly-crystalline silicon solar modules, with a potential to generate revenues in excess of $100 Million annually.
The manufacturing facility in Korea will employ equipment, processes and quality controls that are identical to Asola's state of the art 45 MW facility in Germany, incorporating Asola's 20-year solar module manufacturing experience. The modules will be designed in Germany, incorporating the best practices from the largest solar market in the world. Silicon solar cells are expected to be centrally purchased in Germany, to benefit from economies of scale.
"I look forward to a long and mutually beneficial relationship with our partner in Korea", said Reinhard Wecker, the founder and CEO of Asola. "Our strategy is to associate with organizations that are established players in the solar industry or experienced high volume manufacturers of similar products. Our partner is already a trusted supplier to the automotive, telecommunication and electronics industries, and we are pleased to work with them".
"South Korea, with their ambitious target of 1 GW (giga watts peak power) solar energy production by 2012, is one of the fastest growing solar energy markets in the world", commented Alan P. Niedzwiecki, President and CEO of Quantum. "Expansion into Korea provides us a timely vehicle for accelerated growth, to complement the markets in Europe".
"We were attracted to the Asola-Quantum team due to their automotive industry heritage and focus on innovation, precision engineering and quality. We look forward to launching a solar production plant as soon as possible to participate in the accelerated solar energy market development in this country", commented Seo Sang Jo, CEO of Q&Tech/Yongsan.
Quantum holds a 25% stake in Asola, and has initiated discussions related to an expanded partnership in a "Centralized Holding Structure". 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. SUNERGY, MOTECH and others), the Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
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 co-founded a "green American car company" 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. "Fisker Karma" launched at the Detroit International Auto Show in January, 2008, incorporates an advanced solar-photovoltaic roof designed by Asola. More information is available at http://www.fiskerautomotive.com. 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. Asola is presently developing, for mass production for the plug-in-hybrid solar electric car, "Fisker Karma", the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com. With additional expansions in Germany, the US, Italy etc., the Asola-Quantum group will soon become a most geographically diverse module manufacturer in the world.
About Q&Tech/Yongsan:
Quality & Technology Korea Inc. and parent Yongsan Co., Ltd. are leading manufacturers of electronic and automotive components for leading OEMs around the world. The companies were initially formed in 1979, and are listed in the Korean stock exchange and are publicly traded companies. Further information can be found in http://www.qntec.co.kr and http://www.yong-san.co.kr.
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, 2008. 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:
At Quantum:
Dale Rasmussen
Investor Relations
DRasmussen@qtww.com
1-206-315-8242
Dr. Neel Sirosh
Chief Technology Officer
nsirosh@qtww.com
1-949-399-4698
Investor Relations:
RedChip Companies, Inc.
Sanford Diday
1-800-REDCHIP (733-2447, Ext. 115)
info@redchip.com
http://www.redchip.com
At Asola:
Reinhard Wecker
CEO
r-wecker@asola-power.com
+49 (0) 3643 49 890 010
At Q&Tech/Yongsan:
Won-Sang, Kim
Director of Overseas Marketing
wskim@yong-san.co.kr
+82 41 540 4403
View QTWW Company page with latest Research Reports Here.
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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