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Quantum Fuel Systems Technologies Worldwide, Inc. (QTWW) and Asola Advanced Awarded $135 Million Contractual Agreement to Supply Solar Modules

Quantum Fuel, a fully integrated alternative energy company and leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles, announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, a technology company producing and marketing high output and high efficiency flat modules for residential and industrial applications, has been awarded a contract by AS Solar GmbH for the supply of high-efficiency silicon photovoltaic solar modules.

The contract is subject to final negotiations on quantity and price in 2009 and 2010. The value of this contract is estimated at $135 million over a three year period, beginning in 2008 and subject to final negotiations.

270 Watt and 230 Watt modules will be supplied by Asola to AS Solar, a leading German integrated solar energy systems company, for installations primarily in Spain.

Reinhard Wecker, Asola’s Founder and CEO commented, “Asola is pleased to be selected by AS Solar to be its long-term supplier supporting their growing portfolio of European projects. Our state of the art, high-efficiency modules and high-quality module production processes were key to meeting all of AS Solar’s rigorous requirements for these projects.”

Alan P. Niedzwiecki, President and CEO of Quantum said, “We are excited to be able to announce this contract award for Asola’s solar modules so soon after entering into the recently announced long-term photovoltaic cell purchase agreement. Demand for Asola’s high-quality solar modules continues to grow in the expanding renewable energy markets in Germany, Spain, Italy, and France. With our supply of solar cells secured, we believe that Quantum and Asola are well-positioned to meet this demand in Europe as well as to capitalize on the opportunities in California and the rest of North America.”

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