Quantum Fuel Systems Technologies Worldwide, Inc. announced that it has signed a binding letter of intent to acquire a 24.9% equity stake in a German solar energy technology company that develops and manufactures high-efficiency photovoltaic modules for a number of innovative applications, including automotive, residential, and commercial applications.
According to Quantum, solar energy demand has consistently grown in excess of 25% per year during the past 15 years, and is poised for a period of accelerated growth, especially in California. German solar energy companies have gained significant experience over the past decade in meeting the demand in Germany that consumes over 50% of the global solar photovoltaic module manufacturing capacity.
"This acquisition is strategic to Quantum because of this solar company’s involvement in the automotive industry through its fully integrated and validated solar roof modules being sold to European OEMs. We believe this German partner, which has over 20 years of solar industry experience, will provide us access to other European alliances and relationships in the rapidly expanding European renewable energy market," said Alan P. Niedzwiecki, President and CEO of Quantum. "We see powerful synergies with our industry-leading hydrogen storage systems and lithium-ion battery systems, which can enhance the availability of renewable resources, like wind and solar energy, by providing cost-effective storage options."
