Alternative energy company Quantum Fuel Systems Technologies Worldwide Inc. says its German partner will boost solar module manufacturing capacity for its European systems to meet growing demand.
Asola Advanced and Automotive Solar Systems GmbH will lift its capacity to 45 megawatts peak power annually and will build a new plant.
Quantum said it is in talks to build on its Asola partnership, and said the two companies signed a new long-term solar cell supply agreement with Ersol Solar Energy AG. Quantum and Asola will provide Ersol with 155 megawatts in solar cells this year.
The deal, combined with existing agreements, is expected to provide Quantum and Asola with more than $600 million in combined sales.
Quantum holds a 25 percent stake in Asola.
Quantum shares rose 19 cents, or 10.8 percent, to $1.94 in afternoon trading.