Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW), a fully integrated alternative energy company, today released word its German solar photovoltaic partner, Asola, has signed a deal to establish a joint-venture manufacturing plant in South Korea. The partnership will allow the company to produce and distribute its German-designed solar modules in South Korea through Q&Tech/Yongsan Inc., a high-volume manufacturer of automotive components for the global automotive industry.
“I look forward to a long and mutually beneficial relationship with our partner in Korea,” Reinhard Wecker, the founder and CEO of Asola stated in the press release. “Our strategy is to associate with organizations that are established players in the solar industry or experienced high volume manufacturers of similar products. Our partner is already a trusted supplier to the automotive, telecommunication and electronics industries, and we are pleased to work with them.”
The facility will employ equipment, process and quality controls identical to Asola’s 45 MW facility in Germany. The solar modules, consisting or mono- and poly-crystalline silicon solar material, will be designed in Germany and will have the initial capacity of 30 MW (megawatts of peak power), with a potential to generate revenues in excess of $100 million per year.
This is perfect timing for the company to enter into the Korean solar energy market, which is expected to rapidly grow in the coming years.
“South Korea, with their ambitious target of 1 GW (giga watts peak power) solar energy production by 2012, is one of the fastest growing solar energy markets in the world,” Alan P. Niedzwiecki, president and CEO of Quantum stated. “Expansion into Korea provides us a timely vehicle for accelerated growth, to complement the markets in Europe.”
“We were attracted to the Asola-Quantum team due to their automotive industry heritage and focus on innovation, precision engineering and quality. We look forward to launching a solar production plant as soon as possible to participate in the accelerated solar energy market development in this country,” Seo Sang Jo, CEO of Q&Tech/Yongsan stated.
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