Asola Receives Contract From Krannich Solar for Photovoltaic Modules

Quantum Fuel Systems’s German solar partner, Asola Advanced and Automotive Solar Systems, has won a $20 million contract from Krannich Solar, for the supply of high-efficiency silicon photovoltaic solar modules, scheduled for delivery in 2008.

Quantum has recently announced the acquisition of a 25% stake in Asola, and also a long-term supply agreement with Ersol Solar Energy for the procurement of 155MW of high-efficiency silicon photovoltaic solar cells, starting in 2008.

The Ersol agreement guarantees a supply of solar cells to Quantum and Asola, thereby avoiding any potential future disruptions due to polysilicon shortages, as have been recently experienced by the solar cell industry.

Resulting sales from the supply agreement with Ersol are anticipated to generate in excess of $500 million for Asola and Quantum.

Alan Niedzwiecki, Quantum’s president and CEO, said: “Demand for Asola’s high-quality solar modules continues to grow in the expanding renewable energy markets in Germany, Spain, Italy and France. We believe that Quantum and Asola are well positioned to meet this demand in Europe as well as to capitalize on the opportunities in California and the rest of North America.”