Quantum Fuel Systems Technologies Worldwide, Inc. has joined forces with German firm Asola and has signed an exclusive agreement to establish a joint venture (JV) in Morocco. The JV is being set up to ensure the availability of solar photovoltaic modules in support of the growing demand for renewable energy in Northern African countries.
Asola and its Moroccan partner, Majdaline Holding, will implement a solar module manufacturing plant in Casablanca. The plant, once constructed, will have an initial capacity of 30 MW solar modules, with a potential to generate revenues in excess of $100 million annually.
"In view of the rising demand for energy, the high price of oil and shrinking reserves, many countries are facing the challenge of developing alternative energy sources and prioritizing their utilization. Morocco has recognized the strategic importance of renewable energy early, and has compiled a law (EEG Morocco), to promote R&D and utilization of clean renewable energy, to improve energy security and protect the environment, while supporting lasting economic and social development of Morocco," commented His Excellency Mohammed Rachad Bouhlal, Morocco’s ambassador to Germany, Mr. Elbied, CEO and President of Majdaline Group and Dr. Ayaita, Professor of Electrical Engineering, University of Kassel, Germany, in a joint statement. "We are impressed by Quantum and Asola and their extensive background in clean and renewable energy systems and look forward to a long-term collaboration with them."
"Our business model of centralized technology development and global procurement, coupled with local manufacturing, is an attractive solution for Morocco", said Reinhard Wecker, Founder and CEO of Asola. "We are pleased by the support and backing of the Government of Morocco for this joint venture, which will open the door to the growing solar markets in Northern Africa."