IRVINE, Calif., April 5, 2011 /PRNewswire/ -- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW) today announced that its German solar photovoltaic (PV) affiliate Asola Advanced and Automotive Solar Systems GmbH ("Asola") hosted a special celebration in the historic city of Weimar, Germany to commemorate the 10th anniversary of the solar module manufacturer. The celebration attracted 500 guests including customers, global solar industry suppliers and dignitaries.
The Prime Minister of Thuringia State, Mrs. Lieberknecht and Mayors of Erfurt and Weimar kicked off the celebrations and commented on the achievements and rapid growth of Asola. Asola was founded in 2001 by Mr. Reinhard Wecker, an innovative electrical engineer with 25 years of experience in the solar-industry. Asola developed world-leading 'spherically curved' 'floating cell' solar modules for the automotive industry, where Mr. Wecker had 15 years of pioneering experience, and later diversified into the growing market for standard modules. Quantum acquired a 25% stake in Asola in January 2008.
"We are proud of our history and achievements including 10-straight years of profitable growth, Frost & Sullivan 2009 World Advanced Mobile Solar Technology Growth Leadership Award, and development of world's largest monolithic automotive solar roof for Fisker Karma plug-in hybrid electric car," said Reinhard Wecker, the CEO of Asola. "We increased our capacity 1,500% since 2002 and are on track to expand further in Germany as well as other large solar markets in the world. We are thankful to our loyal customer base who appreciates our highest quality, German-engineered solar modules."
"We congratulate Asola for their 10 years of successful growth, outstanding product quality, uncompromising customer orientation and successful global partnerships and relationships," commented Alan P. Niedzwiecki, the President and CEO of Quantum, who participated in the 10th Anniversary celebrations with Dale Rasmussen, the Chairman of the Board of Quantum. Quantum and Asola recently announced serial production of the solar roof for Fisker Karma that is manufactured by Fisker Automotive, Inc. of California, a company co-founded by Quantum and Fiskercoachbuild in 2007. Fisker Automotive was featured on the Forbes magazine, and is a Business Week top start of the year in 2008, for raising $100 million in initial capital. Fisker Automotive has since then raised close to $1 billion, including a $528.7 million loan guarantee by the US Department of Energy in February 2010. Serial production started in March 2011, with the target of up to 15,000 cars per year.
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 wholly owned subsidiary, Schneider Power Inc., and affiliate Asola Advanced and Automotive Solar Systems GmbH complement Quantum's emerging renewable energy presence through the development and ownership of wind and solar farms, and manufacture of high efficiency solar modules.
Quantum's portfolio of technologies includes electronic controls, hybrid electric drive systems, natural gas and hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and natural gas 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, natural gas 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.
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. 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 the products and services of Quantum, Schneider Power and Asola at http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
SOURCE Quantum Fuel Systems Technologies Worldwide, Inc.