Quantum partner to build South Korean solar plant

By Associated Press
September 15, 2008 | Comments (0)

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Alternative energy company Quantum Fuel Systems Technologies Worldwide Inc. said Monday that its German partner has signed a deal to build a solar module plant in South Korea.

Qauntum said Asola Advanced and Automative Solar Systems GmbH signed a memorandum of understanding with the Korean firm Q&Tech/Yongsan Inc., a maker of electronic automotive components.

The facility will make 30 megawatt silicon solar cells and will be similar to manufacturing plants Asola runs in Germany. Quantum said it expects the plant will generate more than $100 million in annual sales.

Quantum owns a 25 percent stake in Asola and is in talks to expand its partnership with the German company.

Shares of Quantum fell 4 cents to $1.21 in midday trading.

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