Asola Awarded US $20 Million Contract

Asola Advanced and Automotive Solar Systems GmbH has won a US $20 million contract from Krannich Solar for the supply of photovoltaic (PV) solar modules.

Krannich will take delivery of Asola’s products by the end of 2008.

“Asola is pleased to receive this award from Krannich Solar,” said Asola’s CEO, Reinhard Wecker. “Krannich is a tremendous European company, and home to the major leading brands in the industry. We are honored to join the ranks of world-leading premier solar module manufacturers.”

In related news, Quantum Fuel Systems Technologies Worldwide, Inc. recently announced acquisition of a 25 percent stake in Asola and a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 megawatts of silicon PV solar cells, starting in 2008. The Ersol agreement guarantees a supply of solar cells to Quantum and Asola. Resulting sales from the supply agreement with Ersol are anticipated to generate in excess of US $500 million for Asola and Quantum.

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