Shares of Quantum Fuel Systems Technologies Worldwide, Inc. (NASDAQ: QTWW), a fully integrated alternative energy company and leader in the development and production of energy storage technologies and alternative fuel vehicles, recently jumped on news of a new solar modules contract. Last week, the company announced that its German partner, Asola Advanced and Automotive Solar Systems, secured a $17 million contract from Sunworx for the supply of high-efficiency silicon photovoltaic solar modules.
Following the news, shares of Quantum Fuel Systems Technologies Worldwide climbed more than 16 percent on almost 8.5 million shares traded. This deal is expected to create a significant increase in revenue. Quantum Fuel Systems Technologies Worldwide and Asola Advanced and Automotive Solar Systems also announced plans to triple production capacity of its solar module by fall 2008.
In addition, Asola Advanced and Automotive Solar Systems and Quantum Fuel Systems Technologies Worldwide have entered into a long-term supply agreement with Ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells. This agreement and additional supply contracts with other leading suppliers confirm a steady supply of solar cells to Quantum Fuel Systems Technologies Worldwide and Asola Advanced and Automotive Solar Systems, thereby mitigating any risk of potential supply disruptions due to silicon shortages. Anticipated sales from these supply agreements are expected to total more than $600 million for both companies.
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