ersol wins asola/Quantum as new customer
* Module manufacturer asola Advanced and Automotive Solar Systems GmbH concludes EUR 230 million contract with ersol
* Cell deliveries for a period of 10 years
* Joint focus on the US market with California-based Quantum Fuel Systems Technologies Worldwide, Inc.
Erfurt, 2 November 2007
Source: ersol solar energy, press release
http://www.ersol.de/en/newsmediarelations/pressreleases/pressrelease/news/1193999918/
?tx_ttnews%5BbackPid%5D=227&cHash=2a678ec741
From 2008, ersol Solar Energy AG (ersol) will deliver silicon solar cells to the module producer ASOLA (Advanced and Automatic Solar Systems), based in Erfurt, Germany. To this end, both companies have today signed a long-term supply agreement that will run until 2017. The total volume of the contract amounts to around € 230 million. ersol is scheduled to receive down payments from asola, which will later be credited to the German module producer, when purchasing solar cells, in the form of a purchase price reduction.
“In parallel to their production in Erfurt, Quantum and asola are planning a 30 MWp production plant in California. For ersol, the signing of this contract again offers the chance to further develop the US market, which will become a key market in the future,” says Dr Claus Beneking, CEO of ersol AG, following the signing of the new customer agreement. The conclusion of this latest contract saw ersol increase its order volume for solar cells to more than € 3 billion.
asola plans to extend its production facilities in Erfurt to over 30 MWp by the end of 2008 and is achieving this with the help of Quantum Technologies (NASDAQ:QTWW), which is acquiring 24.9% interest in the Thuringia-based company. “asola and Quantum appreciate ersol’s first-class cell technology and its anticipated continued development. This delivery agreement forms the basis for further contracts with even bigger volumes,” says Reinhard Wecker, Managing Director of asola, explaining his decision for the “made by ersol” solar cells. “Together with the new stakeholder Quantum, we will further double our capacity in Germany, and we will expand into the US, Italy and Spain.”
“As a California-based company, we believe that Quantum, together with asola, is well positioned to capitalize on the multi-billion dollar California Solar Initiative, which provides incentives for solar installations over the next decade for residential homes and commercial, industrial and agricultural purposes,” says Alan P. Niedzwiecki, President and CEO of Quantum.