IRVINE, Calif., July 13 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) today announced that its German affiliate Asola, has signed a Memorandum of Understanding to establish a joint venture manufacturing plant in Ontario, Canada, to enable production and distribution of high quality solar modules in Canada. The Canadian partner, Evergreen Power Ltd., is a developer of renewable energy projects, with well-established relationships in the building industry. The planned initial production capacity is 30 MW (megawatts) per year of solar modules incorporating mono- and poly-crystalline silicon solar cells, with a potential to generate revenues in excess of $60 Million annually. The joint venture company will market solar photovoltaic (PV) modules under the "Asola" brand. Quantum owns a 24.9% interest in Asola.
The manufacturing facility, located near Toronto, will replicate the proven equipment, processes and quality control measures employed at Asola's state of the art 45 MW facility in Germany. The facility will build Asola modules incorporating proprietary technologies and the best practices from Germany, the largest solar market in the world. Key materials including silicon solar cells are expected to be centrally purchased by Asola in Germany, from global sources to benefit from economies of scale, in line with the global strategic plan of Quantum and Asola.
"We are pleased with the energy, enthusiasm and market knowledge of Evergreen Power, and look forward to quickly launching our products into the fast growing Ontario market," said Reinhard Wecker, the founder and CEO of Asola. "We plan to bring a series of proven designs including innovative building integrated photovoltaic products to the Canadian market."
"We are excited to be one of the first to market with PV modules manufactured in Ontario," said Tim Burke, COO of Evergreen Power Ltd. "We will be ready to meet market demand for high quality PV modules in mid-2011, with long term goals to manufacture modules for use in the automotive industry. Evergreen's participation in this venture will also secure module supply for our FIT program customers."
"Ontario, with its progressive feed-in-tariff programs, is one of the fastest growing solar energy markets in the world," commented Alan P. Niedzwiecki, President and CEO of Quantum. "Ontario's aging grid and recent blackouts have highlighted the importance of distributed generation and created a sense of urgency in this market. Manufacturing in Ontario provides us, through our affiliation with Asola, with products with the right local content, and a timely vehicle for accelerated growth, to complement our Schneider Power acquisition."
Quantum recently acquired Ontario-based Schneider Power Inc., which. is one of North America's premier renewable energy companies, with a portfolio in excess of 1,000 MW of clean electricity generation development projects across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America and the Caribbean.
About Quantum: Quantum Fuel Systems Technologies Worldwide, Inc. is a fully integrated alternative energy company. Quantum's wholly owned subsidiary, Schneider Power Inc., complements Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms. Quantum's portfolio of technologies includes hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, hydrogen fuel cell, and natural gas vehicles. Quantum's customer base includes automotive OEMs, 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 Asola: Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise mono-crystalline or polycrystalline silicon cells. Asola's technologies include high output and high efficiency flat modules for residential and industrial applications, and specialized spherical modules for automotive applications. Asola is presently developing for Fisker Automotive's Fisker Karma vehicle, the most spherically-bent solar car roof in the world.
More information can be found in http://www.asola-power.com/.
About Evergreen Power: Evergreen Power Ltd. is a renewable energy integration company that supplies and installs grid-tied photovoltaic systems to commercial, residential and agricultural customers, and government institutions such as school boards. Evergreen Power provides complete project feasibility analysis services to commercial customers. Evergreen Power operates throughout Southern, Central and Eastern Ontario, and is registered on the Ontario Power Authority's Vendor List. More information can be found at www.evergreenpowerltd.ca
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report, other than those that are historical, are forward-looking statements and can generally be identified by words such as "may," "could," "will," "should," "assume," "expect," "anticipate," "plan," "intend," "believe," "predict," "estimate," "forecast," "outlook," "potential," or "continue," or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether the parties are able to reach an agreement on the terms of a definitive agreement, whether the joint venture is able to achieve its planned production timing and capacity, and those risk factors described in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2009 and Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2009, October 31, 2009 and January 31, 2010. Except as otherwise required by law, the Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
More information can be found about Quantum's products and services at www.qtww.com or you may contact:
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SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.