Germany's Asola, an affiliate of California-based alternative fuel technology company Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW), this week announced the signing of a Memorandum of Understanding with Canadian renewable energy developer Evergreen Power Ltd. to establish a joint venture solar module manufacturing plant near Toronto, Ontario.
Under the deal, the planned facility will produce 30 megawatts per year of solar modules that incorporate mono- and poly-crystalline silicon cells, potentially worth more than US$60 million in annual revenue.
Said Alan P. Niedzwiecki, President and CEO of Quantum: "Ontario's aging grid and recent blackouts have highlighted the importance of distributed generation and created a sense of urgency in this market. Manufacturing in Ontario provides us, through our affiliation with Asola, with products with the right local content, and a timely vehicle for accelerated growth, to complement our Schneider Power acquisition." Niedzwiecki also noted the province's progressive feed-in-tariff programs make it one of the fastest growing solar energy markets in the world.
In April, Quantum acquired Ontario-based Schneider Power Inc., a cleantech company with interests in solar and wind farms in a number of locations across Ontario, Manitoba and Nova Scotia, Canada, as well as in the Caribbean.
Ontario, which has been pouring financial and political capital into energy investment, last month opened the Harrow Wind Farm, a 39.6-megawatt project that the Canadian government plans to invest C$11.2 million in over the next decade as part of its ecoENERGY for Renewable Power program.
Learn more about Solar Power on eBoom’s Solar Energy Learning Page.
Global Correspondent Shannon Roxborough is a career freelance writer, editor and international consultant who has authored hundreds of articles for a variety of media. He's covered business, companies and investments spanning all sectors, including green energy and cleantech.
Any opinion contained in this article is solely that of the writers, and does not necessarily shapes or reflect the editorial opinions of Energy Boom.
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