Asola gets $20M contract from Krannich Solar

Germany's Asola Advanced and Automotive Solar Systems grabbed a $20 million contract to supply solar modules to Krannich Solar, also based in Germany.

Under the contract, Asola will supply high-efficiency silicon photovoltaic solar modules to Krannich this year.

Kranich is a solar system provider in Europe.

"Asola is pleased to receive this award from Krannich Solar," said Reinhard Wecker, founder and CEO of Asola. "Krannich is a tremendous European company, and home to the major leading brands in the industry."

Asola and Irvine, Calif.-based Quantum Fuel Systems Technologies Worldwide (Nasdaq: QTWW), which holds a 25 percent stake in Asola, signed a long term supply agreement themselves last year (see Quantum, Asola to get $500M in solar cells from ersol).

The deal with Erfurt, Germany's ersol Solar Energy is for the procurement of 155 megawatts of high-efficiency silicon photovoltaic solar cells, starting this year.

Quantum said the ersol agreement guarantees a supply of solar cells to Quantum and Asola, avoiding any potential future disruptions due to polysilicon shortages.

Resulting sales from the supply agreement with ersol are anticipated to generate in excess of $500 million for Asola and Quantum, according to Quantum

"Demand for Asola's high-quality solar modules continues to grow in the expanding renewable energy markets in Germany, Spain, Italy, and France," said Alan Niedzwiecki, president and CEO of Quantum.

"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."