Asola Awarded $17 Million Solar Module Supply Contract (May 27, 2008)

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Asola Awarded $17 Million Solar Module Supply Contract

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May 27, 2008

Irvine, CA, USA: Asola Awarded $17 Million Solar Module Supply Contract

Quantum Fuel Systems Technologies Worldwide, Inc. today announced that its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, has won a $17 million contract from Sunworx GmbH, for the supply of high-efficiency silicon photovoltaic solar modules. Sunworx, which is one of the leading solar system suppliers in Germany, will take delivery of these modules in 2008.

"Sunworx is notable for their innovative solutions, consistent growth and long-term business success. Asola is pleased to partner with this dynamic company, as they share our passion for the highest quality and reliability," said Asola's founder and CEO, Reinhard Wecker.

Quantum and Asola have recently announced tripling of solar module production capacity in Germany, by fall 2008. Quantum holds a 25% stake in Asola, and is in discussions towards an expanded partnership. Asola and Quantum have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. The Ersol agreement and additional supply contracts with other leading suppliers such as MOTECH and Sunergy guarantee a steady supply of solar cells to Quantum and Asola, thereby avoiding any potential future disruptions due to silicon shortages, as have been recently experienced by the solar cell industry. Resulting sales from these supply agreements are anticipated to generate in excess of US $600 million for Asola and Quantum.

"Demand for peak power is growing at twice the rate as the overall electricity market," commented Alan P. Niedzwiecki, President and CEO of Quantum. "Solar systems are ideally suited to meet local peak power demands, and are increasingly favored by major utility companies to meet their renewable energy portfolio requirements. 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."