Quantum & Asola Continue Expansion in Europe

Quantum Fuel Systems Technologies Worldwide Inc. announced that its German solar photovoltaic partner, Asola has signed an agreement to establish a joint venture in Southern Italy, to enable production and distribution of German-designed solar modules in Italy.

Quantum and Asola’s Italian partner, Eurobox Impianti s.r.l., is a leading developer of renewable energy projects including wind and solar power projects. The initial capacity of the deal is 30 megawatts (MW) of modules consisting or mono- and poly-crystalline silicon, with a potential to generate revenues in excess of US $100 million annually. Asola will hold the controlling stake in this joint venture.

“This deal gives us access to the Italian market, which is the third largest solar energy market in Europe with potential for 250 MW in 2009,” said Reinhard Wecker, the founder and CEO of Asola. “Our partner brings significant experience in this fast-growing market. Their in-house project development and system integration capabilities allow them to undertake large solar power projects. We are happy to bring our 20-years of German solar experience and global sourcing knowledge to this key market.”

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