IRVINE, Calif., June 5 /PRNewswire-FirstCall/ -- Quantum Fuel Systems Technologies Worldwide, Inc. today announced that its German affiliate, Asola (Asola Advanced and Automotive Solar Systems GmbH) has unveiled a new state-of-the-art facility that will produce crystalline silicon solar photovoltaic modules for the global markets.
The new facility is located in Erfurt, the capital city of Thuringia, and is the main city nearest to the geographical centre of Germany. The prime minister of Thuringia, Mr. Dieter Althaus, and the mayor of Erfurt, Mr. Andreas Bausewein, formally opened the facility. Dr. Allen Wang, the CEO of China Sunergy, Mr. Peter Schneider, the CSO of Bosch-Ersol and Mr. Alan Niedzwiecki, the President and CEO of Quantum, were present at the grand opening ceremony.
Asola's new facility currently employs 100 workers and is expected to employ up to 130 by the end of the year. The initial production rate will be 32 MW of PV modules annually, and is expected to expand to 45 MW by the end of the year.
"With this new plant we underline our own exceptional growth path, which well exceeds the average growth rate within the solar industry. Our formula for success is, and will remain, un-compromising quality - Made in Germany," said Mr. Reinhard Wecker, the founder and CEO of Asola.
"We are seeing positive signs in the market for the second half of 2009," commented Alan Niedzwiecki, President and CEO of Quantum. "Our expanded capacity is already proving to be very timely, to support the increased demand in line with the medium and long-term prospects for the solar industry in Europe as well as the US."
Quantum and Asola bring in excess of 70 years of combined experience in the clean energy industry. Asola applies advanced design and precision manufacturing techniques and quality control to manufacture the highest quality photovoltaic modules for reliable production of electricity for 25 years and more. Quantum and Asola plan to supply advanced roof-integrated solar photovoltaic modules to Fisker Automotive, for the award winning Fisker KARMA, a luxury plug-in-hybrid car that was introduced at the Detroit International Auto Show in January, 2008.
About Quantum
Quantum Fuel Systems Technologies Worldwide, Inc. , a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems, and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles. Quantum's powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum's customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Quantum's proprietary high-performance plug-in-hybrid electric vehicle (PHEV) architecture - known as "Q-Drive" - has evolved over five years of innovation and development at Quantum. Quantum's Q-Drive system takes full advantage of the performance potential of electric drive systems while achieving fuel high mileage and low emissions through its integrated plug-in hybrid electric design. Benefits of Quantum's Q-Drive system include optimized fuel efficiency and superior performance, unchanged gas station infrastructure, and convenient battery recharging with any 110-volt outlet, 220/240-volt fast-charging, or using Quantum's solar energy powered re-charging station.
More information can be found about Quantum's products and services at http://www.qtww.com/
Quantum is a member of the Russell 2000(R) and Russell 3000(R) indexes. About Asola
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise mono-crystalline or polycrystalline silicon cells. Asola's technologies include high efficiency flat modules for residential and industrial applications, and specialized spherical modules for automotive applications. More information can be found in http://www.asola-power.com/.
About Fisker
Fisker Automotive is a privately owned luxury premium hybrid car company co-founded by Quantum Technologies and Fisker Coachbuild LLC, with Henrik Fisker as the CEO. The company has backing from Kleiner Perkins Caufield & Byers, Palo Alto Investors and Qatar Investment Authority. More information can be found online at http://www.fiskerautomotive.com/.
Forward-Looking Statements
This press release includes forward-looking statements that are based on certain assumptions and reflect our current expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. These forward-looking statements include statements regarding Asola's planned growth and expansion and Quantum's and Asola's plan to supply advanced roof-integrated solar photovoltaic modules to Fisker Automotive. The risks associated with such forward-looking statements include the risk that the Asola may not achieve its planned growth targets in a timely manner, if at all, a delay or disruption in the market recovery, a delay or disruption in Asola's supply chain, Fisker Automotive's planned use of Quantum's and Asola's advanced roof-integrated solar photovoltaic modules, and other risks, some of which are discussed in the companies' reports filed with the Securities and Exchange Commission (the "SEC") under the caption Risk Factors and elsewhere, including Quantum's annual report on Form 10-K for the fiscal year ended April 30, 2008, and its quarterly reports on Form 10-Q for the quarters ended July 31, 2008, October 31, 2008 and January 31, 2009. Any forward-looking statement is qualified by reference to these risks, uncertainties and factors. Forward-looking statements speak only as of the date of the document in which they are made and are based on the beliefs, opinions, and expectations of the Company's management as of the date they are made. These risks, uncertainties and factors are not exclusive, and Quantum undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.
Contact: Dale Rasmussen Investor Relations Quantum Fuel Systems Technologies Worldwide, Inc. email: DRasmussen@qtww.com 1-206-315-8242 Dr. Neel Sirosh Chief Technology Officer Quantum Fuel Systems Technologies Worldwide, Inc. email: nsirosh@qtww.com 1-949-399-4500
Quantum Fuel Systems Technologies Worldwide, Inc.
CONTACT: Dale Rasmussen, Investor Relations, +1-206-315-8242,
DRasmussen@qtww.com, or Dr. Neel Sirosh, +1-949-399-4500, nsirosh@qtww.com,
both of Quantum Fuel Systems Technologies Worldwide, Inc.
Web Site: http://www.qtww.com/
http://www.asola-power.com/
http://www.fiskerautomotive.com/
