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September 15, 2008
Isseroda,
Germany: Asola in Korean Manufacturing Joint Venture
Asola
has signed a Memorandum of Understanding to establish a joint
venture manufacturing plant in South Korea, to enable production
and distribution of high quality, German-designed solar modules
in South Korea.
The
Korean partner Q&Tech / Yongsan Inc., is a high volume manufacturer
of electronic and automotive components and a leading supplier
to the global automotive industry. The initial capacity is 30
MW (megawatts of peak power) solar modules consisting or mono-
and poly-crystalline silicon solar modules, with a potential to
generate revenues in excess of $100 Million annually.
The
manufacturing facility in Korea will employ equipment, processes
and quality controls that are identical to Asola's 45 MW facility
in Germany, incorporating Asola's 20-year solar module manufacturing
experience. The modules will be designed in Germany, incorporating
the best practices from the largest solar market in the world.
Silicon solar cells are expected to be centrally purchased in
Germany, to benefit from economies of scale.
"I
look forward to a long and mutually beneficial relationship with
our partner in Korea", said Reinhard Wecker, the founder and CEO
of Asola. "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".
"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", commented Alan P. Niedzwiecki,
President and CEO of Quantum. "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", commented Seo Sang Jo, CEO
of Q&Tech/Yongsan.
Quantum
Fuel Systems Technologies Worldwide, Inc. holds a 25% stake in
Asola, and has initiated discussions related to an expanded partnership
in a "Centralized Holding Structure".
Further details about: Asola
Advanced and Automotive Solar Systems GmbH
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