Orange County Register

Quantum Solar Energy Inc. in Irvine expects to receive a $20 million equity investment from New Energy Systems LLC in Norway.

Quantum Solar, a subsidiary of Quantum Fuel Systems Technologies, would use the money to build an Irvine plant to manufacture modules used to generate solar energy.

Quantum Solar plans to use in the factory the technology and manufacturing expertise of an affiliated company, Asola Advanced and Automotive Solar Systems in Germany. Production of state-of-the-art solar photovoltaic modules in Irvine could begin next spring.

Quantum Fuel has a variety of alternative energy technologies including the Fisker hybred car, and Asola makes the power cells for the Fisker Karma.

Quantum Solar and NES currently have a nonbinding letter of intent. But Quantum Fuel said the deal could close within 90 days. If so, NES would own 34% of Quantum Solar. Quantum Fuel would own 51% and Asola Advanced, 15%.

In a separate announcement, Quantum Fuel said it is acquiring Schneider Power Inc., a Canadian alternative power company. That transaction is expected to close in the second quarter of 2010.

The Irvine plant is expected to supply modules to Schneider Power for its solar-energy generation projects.

“We are very excited about the investment by NES”, said Quantum President and CEO Alan P. Niedzwiecki. “Their timely investment allows us to quickly launch our solar electricity generation products.

“NES has an impressive pipeline of renewable energy projects in California,” he added. “We are seeing a jump in demand for high-quality solar modules made in the USA, as customers and investors strive to ensure reliable long-term production of clean electricity, in many private and state-owned solar projects across the nation.”

Click here to read Quantum Fuel’s press release.

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• Money for high-growth firms drying up
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• O.C. print company buys San Diego firm
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• O.C. tech firm buys Japanese IT service
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• Local security company buys Swiss tech firm
• O.C. venture capitalist: proposed law could damage industry
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