Quantum buying stake in German solar co.

Automotive supplier Quantum Fuel Systems Technologies (NASDAQ: QTWW) today announced plans to acquire a 24.9 percent equity stake in an unnamed German solar company.

According to Quantum, the company develops and makes photovoltaic modules for a number of applications, including automotive, residential and commercial markets.

"This acquisition is strategic to Quantum because of this solar company's involvement in the automotive industry through its fully integrated and validated solar roof modules being sold to European OEMs," said Alan P. Niedzwiecki, President and CEO of Quantum. "We believe this German partner, which has over 20 years of solar industry experience, will provide us access to other European alliances and relationships in the rapidly expanding European renewable energy market."

Quantum says it sees synergies with its hydrogen storage and lithium-ion battery systems, "which can enhance the availability of renewable resources, like wind and solar energy, by providing cost-effective storage options," it said in a statement.

Quantum provides powertrain engineering, system integration and manufacturing for fuel cells, hybrids, alternative fuels, hydrogen refueling, new body styles, mid-cycle vehicle product enhancements and high performance engines and drive trains for OEMs and consumers of aftermarket parts and accessories.

Quantum also designs and manufactures hybrid and fuel cell vehicles, as well as lithium-ion batteries through its partner Advanced Lithium Power.

It has alliances with General Motors, AM General and Sumitomo. Customers includes General Motors, Toyota, Opel, Hyundai, Suzuki, Ford, DaimlerChrysler, SunLine, Yamaha, AeroVironment, and the U.S. Army.

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