Quantum Fuel Systems Technologies Worldwide, Inc, (QTWW) Announces Manufacturing Deal

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08:20:00 am on September 16, 2008

Quantum Fuel Systems Technologies Worldwide Inc announced a deal between Asola, the company’s German partner, and Q&Tech/Yongsan Inc, a South Korean manufacturing company. Under the agreement, Asola and Q&Tech will enter into a joint venture to build a manufacturing plant in South Korea. Q&Tech will then produce and distribute Asola’s German-designed solar components.

South Korea is a fast-growing solar market, and this deal allows Asola to market its parts there. The plant will conform to Asola’s standards for equipment, process and quality control, and the modules produced at the plant will have an initial 30 MW capacity. The plant could generate revenues of more than $100 million each year.

The press release publicizing the deal quoted Reinhard Wecker, the founder and CEO of Asola, saying the following:

“I look forward to a long and mutually beneficial relationship with our partner in Korea. 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.”

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