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Energy company to buy stake in Quantum subsidiary76 days ago
(AP:IRVINE, Calif.) Alternative energy company Quantum Fuel Systems Technologies Worldwide Inc. said Wednesday a Norwegian hydrogen energy company will invest $20 million in subsidiary Quantum Solar Energy Inc. in exchange for a 34 percent ownership stake.
In the agreement with New Energy Systems LLC, Quantum Solar will use the proceeds to establish a solar photovoltaic module manufacturing facility in Irvine, Calif., with an expected capacity of 45 megawatts a year.
Quantum Fuel shares rose 5 cents, or 3.9 percent, to $1.32 in midday trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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