VANCOUVER, Jan. 10 /CNW/ - Xantrex Technology Inc. (TSX:XTX) announced
today that it has signed a contract for 2008 with SOLON AG, valued at
approximately US$12 million, to supply solar grid-tie inverters for the
European, North American, and Australian markets. Xantrex expects to ship
approximately two-thirds of the contract value in the first half of 2008.
SOLON has the option to increase the size of the contract in the second half
of the year.
"Xantrex welcomes this new $12 million agreement with SOLON which
reflects an increase of 60 percent from the $7.5 million 2007 contract. This
is an expression of continued confidence in our products and service, and a
further opportunity to supply our leading solar grid-tie inverters in the
fast-growing solar markets," said Mossadiq S. Umedaly, Xantrex's Chairman.
Xantrex grid-tie inverters have become the inverters of choice for a
growing number of solar system installers and their customers, offering a
solution with excellent value, performance, reliability, ease of installation,
and high power density.
Xantrex CEO John Wallace commented, "The success in the marketplace of
the SOLON Mover dual-axis tracking system equipped with Xantrex's customized
premium inverter technology has enabled Xantrex to penetrate new markets and
build upon our mutually beneficial partnership with SOLON. We are committed to
expanding this successful relationship in the months ahead."
"Demand for turnkey multi-megawatt solar power projects presents great
market opportunities in 2008 and we are looking forward to continuing our
strategic partnership with Xantrex to supply inverters for the SOLON Mover
product," said SOLON CEO Thomas Krupke.
The Xantrex solar grid-tie inverters are installed on the base of SOLON's
dual-axis solar photovoltaic (PV) tracking system called the SOLON Mover,
which tracks the position of the sun. The inverters contribute to the superior
power generation capability of the SOLON Mover by efficiently converting
direct current (DC) power from solar panels into alternating current (AC)
power for sale to the electricity grid.
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, programmable, mobile, and portable 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".
About SOLON AG
SOLON AG fur Solartechnik (www.solonag.com) is one of the largest solar
module manufacturers in Europe and a leading supplier of photovoltaic systems
for large-scale solar power plants. The SOLON Group has subsidiaries in
Germany, Austria, Italy, Switzerland, and the U.S. and employs more than
700 people worldwide. The SOLON Group's core business is the manufacture of
solar modules in various performance categories and of complete photovoltaic
systems for the construction of solar power plants.
Note that this news release may contain 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,