QualityStocks.net News – Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) Partner Awarded $17M PV Solar Module Contract

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We would like to highlight Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ: QTWW). The company is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum's portfolio of technologies includes advanced lithium-ion battery systems, electronic controls, hybrid electric drive systems, hydrogen storage and metering systems and alternative fuel technologies that enable fuel efficient, low emission hybrid, plug-in hybrid electric, fuel cell, and alternative fuel vehicles.

In the Company’s recent news,

Quantum Fuel Systems Technologies Worldwide Inc. (Nasdaq: QTWW) announced its German solar partner, Asola Advanced and Automotive Solar Systems GmbH, has been awarded a $17 million contract from Sunworx GmbH, one of the leading solar system suppliers in Germany.

Per the agreement, Asola will supply Sunworx with its high-efficiency silicon photovoltaic (PV) solar modules, to be delivered later this year. Reinhard Wecker, Asola’s founder and CEO, said Sunworx’s reputation in the solar industry makes it a desirable business partner.

“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,” Wecker stated in the press release.

The solar industry is taking off, spurred by rising energy prices and the call for environmentally friendly products and solutions in every industry. Quantum and Asola maintain a competitive position in the market, recently announcing that solar module production capacity in Germany will triple by the fall of 2008.

“Demand for peak power is growing at twice the rate as the overall electricity market,” Alan P. Niedzwiecki, president and CEO of Quantum stated. “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.”

Quantum holds a 25 percent interest in Asola, and the two are in discussions toward a further relationship. Quantum develops advanced propulsion systems, energy storage technologies and alternative fuel vehicles. The company’s extensive product portfolio is applicable to the aerospace industry, fleets, military and other government entities.

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