Quantum Fuel Systems Technologies Worldwide has acquired a 25% equity stake in Advanced and Automotive Solar Systems GmbH (ASOLA), a German solar energy technology company that develops and manufactures photovoltaic modules for a number of innovative applications, including commercial, residential and automotive.
Based on existing orders and capacity, ASOLA anticipates 2008 revenues in excess of €50 million (US$73 million) while generating positive net profits. Currently, ASOLA’s order backlog extends for several years, building on the long-term solar cell supply agreement that ASOLA and Quantum entered into with prominent German solar cell manufacturer Ersol. ASOLA continues to expand production capacity at its German facilities to support the high growth the company is experiencing.
ASOLA has signed a long-term supply contract with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. This agreement guarantees a supply of solar cells to Quantum and ASOLA, thereby avoiding any potential future disruptions due to polysilicon shortages.
Resulting sales from the supply agreement with Ersol are anticipated to generate US $500 million for ASOLA and Quantum. Quantum and ASOLA intend to jointly utilize the Ersol cells for the manufacture of high quality solar modules for commercial, residential, and automotive applications in both Europe and the United States. This guaranteed supply will enable the expansion of Quantum and ASOLA solar modules into Germany, Spain, Italy, and France as well as into the United States, beginning in California.
Quantum Fuel Systems Technologies Worldwide, Inc., develops and produces advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum has also formed a new company with Fisker Coachbuild, LLC—Fisker Automotive, Inc—which 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.
Fisker Automotive unveiled its first product—the Karma—at the Detroit Auto Show. (Earlier post.) The Karma will be available with a rooftop solar module from ASOLA.