- Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ:QTWW) has today announced that its German solar photovoltaic partner, Asola, has signed an exclusive pact to establish a joint venture in Morocco, to supply solar modules in support of growing demand for renewable energy in northern African countries.
Asola and Moroccan partner Majdaline Holding will implement a solar module manufacturing facility in Casablanca, with initial capacity of 30 MW solar modules, with a potential to generate revenues in excess of $100 Million annually. Asola will hold controlling share in this venture.
"In view of rising demand for energy, high price of oil and shrinking reserves, many countries are facing challenge of developing alternative energy sources and prioritising their utilisation. Morocco has recognised strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R&D and utilisation of clean renewable energy, to improve energy security and protect environment, while supporting lasting economic and social development of Morocco," said Morocco's ambassador to Germany, Mohammed Rachad Bouhlal and Mr Elbied, chief executive officer and president of Majdaline Group and Dr Ayaita, professor of electrical engineering, University of Kassel, Germany, in a joint statement.
They added that, "we are impressed by Quantum and Asola and their extensive background in clean and renewable energy systems and look forward to long-term collaboration with them."
For his part, founder and CEO of Asola Reinhard Wecker said, "Our business model of centralised technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco."
He added that they were pleased by support and backing of government of Morocco for this joint venture, which will open door to growing solar markets in northern Africa.
Quantum and Asola are said to have recently announced tripling of plant capacity in Germany and also expansions into Korea and Italy.
Quantum holds a 25% share in Asola, and has initiated discussions related to an expanded partnership in a "Centralised Holding Structure".
The two companies have also entered into a long-term supply agreement with Ersol Solar Energy AG for procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. Together with supply contracts with other major suppliers around world, Ersol agreement guarantees a steady supply of solar cells to Quantum and Asola.
Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.
Quantum a fully integrated alternative energy company, is in business of development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles.
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