VANCOUVER, March 7 /CNW/ - Xantrex Technology Inc. (TSX:XTX) announced
today it has signed a contract with SOLON AG, valued at approximately
US$7.5 million, to supply solar grid-tie inverters. This is a minimum contract
amount and SOLON has options to increase the size of the order. Under this
contract, the inverters will be supplied throughout 2007 for the European and
North American solar markets.
By the end of December 2006, Xantrex and SOLON had met the $10 million
threshold of their initial two-year supply agreement that was announced in
October 2005. Meeting this threshold in well under the two-year timeframe was
the result of strong solar markets in Germany, Spain and Italy.
"This new agreement with SOLON is another significant step forward for
Xantrex," said Mossadiq Umedaly, Xantrex Chairman. "We are pleased to continue
our partnership with SOLON to supply our leading solar grid-tie inverters for
the fast-growing solar markets in Europe and North America."
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, "We are delighted with the SOLON
partnership to supply our premium inverter technology customized for SOLON's
leading dual-axis solar tracking system, the SOLON Mover. Our strategic
collaboration with SOLON is bringing the advantages of Xantrex grid-tie
inverters to customers in markets that are important to our growth
"We are proud to be partnered with Xantrex as we continue to meet the
growing demand for our SOLON Mover for the European and North American
markets," said Thomas Krupke, SOLON AG CEO.
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. SOLON is one of the leading
manufacturers of photovoltaic modules in Europe and a produce of industrially
manufactured solar systems.
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, California; Elkhart, Indiana; Barcelona, Spain; and
Reading, England. Xantrex is listed on the Toronto Stock Exchange under the
ticker symbol "XTX".
SOLON AG (www.solonag.com) was founded in 1997, and upon going public in
1998, it was the first quoted solar enterprise in Germany. The SOLON-group
consists of 100% subsidiaries SOLON PV GmbH, SOLON Nord GmbH, asp AG
(Switzerland), SOLON Hilbertech (Austria), and S.E. Project (Italy). SOLON is
one of the leading manufacturers of photovoltaic modules in Europe and a
producer of industrially manufactured solar power plants.
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, Phone: (604) 422-2601, Email: