LIVERMOVE, CA, April 26 /CNW/ - Xantrex Technology Inc. (TSX:XTX) today
announced that it has been selected to develop next generation solar inverters
to support the U.S. Department of Energy's (DOE) Solar America Initiative. In
March the DOE announced the selection and future funding of 13 solar
technology development projects. Xantrex is partnered with consortiums in four
of those projects.
As part of President Bush's Advanced Energy Initiative, the DOE's Solar
America Initiative will provide approximately $150 million in funding for 13
solar technology development projects to advance the commercial
competitiveness of solar electricity.
Through a rigorous review process, Xantrex and a select group of
companies, universities, and researchers will receive funding over three years
to develop photovoltaic solutions that achieve a targeted cost of solar
electricity, at a level competitive with retail electric rates, by 2010. The
current cost of solar electricity, using present photovoltaic system
technology, is roughly double the target objectives.
The partnerships will develop integrated solutions that consider the
entire solar electrical system, including modules, racking, inverters and
other balance-of-systems components. As a key member in four of these project
teams, Xantrex joins industry-leading partners such as SunPower, GE Energy, BP
Solar and Amonix, Inc. to develop inverter solutions.
"We are honored that Xantrex has been selected as the partner of choice
to develop next generation inverters by four project teams," said John
Wallace, Xantrex CEO. "With this strong group of development partners, we are
confident that significant achievements will be made toward the DOE's Solar
Xantrex Technology Inc. (www.xantrex.com) is a world leader in the
development, manufacturing and marketing of advanced power electronic products
and systems for the renewable, portable, mobile, and programmable power
markets. The company's products convert and control raw electrical power from
any central, distributed, renewable, or backup power source into high-quality
power required by electronic and electrical equipment. Headquartered in
Vancouver, British Columbia, the company has facilities in Arlington,
Washington; Livermore and San Diego, California; Elkhart, Indiana; Barcelona,
Spain; and Reading, England. Xantrex is listed on the Toronto Stock Exchange
under the ticker symbol "XTX".
Note that this news release contains forward-looking statements related
to Xantrex Technology Inc. Such statements reflect the current views of
Xantrex with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those
contemplated in these forward-looking statements.
For further information:
For further information: Donna Clark, (604) 422-2601,