Asola to go solar in South Korea

Isseroda, Germany-based Asola Advanced and Automotive Solar Systems has signed a memorandum of understanding to establish a joint venture manufacturing plant in South Korea.

Irvine, Calif.'s Quantum Fuel Systems Technologies Worldwide (Nasdaq: QTWW), which holds a 25 percent stake in Asola, said today that Asola teamed up with South Korea's Quality & Technology Korea for the manufacturing venture.

"Our strategy is to associate with organizations that are established players in the solar industry or experienced high volume manufacturers of similar products," said Reinhard Wecker, the founder and CEO of Asola.

"Our partner is already a trusted supplier to the automotive, telecommunication and electronics industries, and we are pleased to work with them."

Quality & Technology Korea, a subsidiary of Yongsan, makes electronic and automotive components for original equipment manufacturers around the world.

Initial capacity at the new plant will be 30 megawatts of solar modules per year. Quantum Fuel Systems said the modules, consisting or mono- and poly-crystalline silicon solar modules, have the potential to generate revenues in excess of $100 million annually.

The South Korea facility will use equipment, processes and quality controls that are identical to Asola's 45 MW facility in Germany.

Earlier this year, Asola announced a $20 million contract to supply solar modules to Krannich Solar, also based in Germany (see Asola gets $20M contract from Krannich Solar). Under the deal, Asola will supply high-efficiency silicon photovoltaic solar modules to Krannich this year.