Quantum Fuel Systems Technologies Worldwide, has announced that its German solar strategic partner, asola Advanced and Automotive Solar Systems GmbH (Asola), has signed a 10-year supply contract with ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. The potential revenue associated with the purchased ersol cells is estimated to exceed US $0.5 Billion.
This agreement guarantees a 10 year supply of solar cells to Quantum and Asola, avoiding any potential future disruptions due to polysilicon shortages, as have been recently experienced by the solar cell industry.
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.
"We are very pleased to enter into this relationship with our long-term partner Asola. Together with Quantum and Asola, we hope to accelerate our entry into the fast growing California solar market," said Dr. Claus Beneking, ersol CEO.
"This photovoltaic cell purchase agreement positions Quantum and our strategic partner, Asola, for expansion into fast-growing renewable energy markets in Europe and California. Asola's high-quality solar modules continue to be in high-demand in the expanding renewable energy markets in Germany, Spain, Italy, and France.
Our goal is to produce and make these high-quality solar modules available in the United States as well," said Alan P. Niedzwiecki, President and CEO of Quantum.
"As a California-based company, we believe that Quantum, together with Asola, is well positioned to capitalize on the multi-billion dollar California Solar Initiative, which provides incentives for solar installations over the next decade for residential homes and commercial, industrial, and agricultural properties."
