Irvine, Calif., July 13, 2010 — Quantum Fuel Systems Technologies Worldwide, Inc. announced that its German affiliate Asola, 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.
The planned initial production capacity is 30 MW 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 25 percent 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 will be 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.
Quantum is a fully integrated alternative energy company. Quantum’s unit, Schneider Power Inc., complements Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms.