Quantum to Take 25% Stake in German Solar Company
14 May 2007
Quantum Fuel Systems Technologies Worldwide, Inc. has signed a binding letter of intent to acquire a 24.9% equity stake in a German solar energy technology company that develops and manufactures high-efficiency photovoltaic modules for a number of applications targeting the automotive, residential, and commercial sectors.
This acquisition is strategic to Quantum because of this solar company's involvement in the automotive industry through its fully integrated and validated solar roof modules being sold to European OEMs. We believe this German partner, which has over 20 years of solar industry experience, will provide us access to other European alliances and relationships in the rapidly expanding European renewable energy market.
We see powerful synergies with our industry-leading hydrogen storage systems and lithium-ion battery systems, which can enhance the availability of renewable resources, like wind and solar energy, by providing cost-effective storage options.
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