The low-interest funds will go toward manufacturing equipment for the solar module facility in Irvine, CA, to implement a plant capacity of 45 megawatts annually.
IRVINE, Calif., PRNewswire-FirstCall [WorldofRenewables.com]
Quantum Fuel Systems Technologies Worldwide, Inc. Nasdaq: QTWW) (“Quantum”) today announced that the California Energy Commission (CEC) has approved a low-interest loan for the amount of $4.4 million under the state’s Clean Energy Business Financing Program (CEBFP) for California-based manufacturers of solar products. The low-interest funds will go toward manufacturing equipment for the solar module facility in Irvine, CA, to implement a plant capacity of 45 megawatts annually.
Further to this award, the office of Governor Schwarzenegger stated, “California‘s leadership in clean energy technology is supported by these manufacturers who are investing millions to develop and produce advanced energy products.” The Governor added that, “I commend these innovative companies for the work they are doing in advancing clean energy technology and creating jobs for Californians.”
The manufacturing facility, located in Irvine, will replicate the proven equipment, processes and quality control measures employed at Quantum’s affiliate Asola’s state of the art 45 MW solar facility in Germany. The facility will build solar modules incorporating proprietary technologies and the best practices from Germany, the largest solar market in the world. Key materials including silicon solar cells are expected to be centrally purchased by Asola in Germany, from global sources to benefit from economies of scale, in line with the global strategic plan of Quantum and Asola. Quantum currently holds a 25% equity stake in Asola.
“I am thankful to Governor Schwarzenegger and the CEC for this award,” said Alan P. Niedzwiecki, President and CEO of Quantum. “Manufacturing in California allows us to quickly introduce innovative products to support our business development efforts in a number of segments including automotive, residential, commercial and utility-scale solar energy projects.”
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a leader in the development and production of advanced propulsion systems, energy storage technologies, and alternative fuel vehicles. Quantum’s wholly owned subsidiary, Schneider Power Inc., complements Quantum’s emerging renewable energy presence through the development and ownership of wind and solar farms. Quantum’s portfolio of technologies includes 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 natural gas vehicles. Quantum’s powertrain engineering, system integration, vehicle manufacturing, and assembly capabilities provide fast-to-market solutions to support the production of hybrid and plug-in hybrid, hydrogen-powered hybrid, fuel cell, alternative fuel, and specialty vehicles, as well as modular, transportable hydrogen refueling stations. Quantum’s customer base includes automotive OEMs, dealer networks, fleets, aerospace industry, military and other government entities, and other strategic alliance partners.
Asola Advanced and Automotive Solar Systems GmbH produces and markets high-quality silicon-based photovoltaic modules that comprise mono-crystalline or polycrystalline silicon cells. Asola’s technologies include high output and high efficiency flat modules for residential and industrial applications, and specialized spherical modules for automotive applications. Asola is presently developing for Fisker Automotive’s Fisker Karma vehicle, the most spherically-bent solar car roof in the world. More information can be found in http://www.asola-power.com/.
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, other than those that are historical, are forward-looking statements and can generally be identified by words such as “may,” “could,” “will,” “should,” “assume,” “expect,” “anticipate,” “plan,” “intend,” “believe,” “predict,” “estimate,” “forecast,” “outlook,” “potential,” or “continue,” or the negative of these terms, and other comparable terminology. Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether Quantum is able to close the CEBFP loan arrangement and whether Quantum can complete the manufacturing facility. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
More information can be found about Quantum’s products and services at http://www.qtww.com/ or you may contact:
Brion D. Tanous
Principal, CleanTech IR, Inc.
©2010 Quantum Fuel Systems Technologies Worldwide, Inc. Advanced Technology Center, 17872 Cartwright Road, Irvine, CA 92614 , Phone 949-399-4500 Fax 949-399-4600