Solar

Xantrex and SOLON Sign US$7.5 M Supply Contract

Xantrex Technology Inc. has signed a contract with SOLON AG, valued at approximately US$7.5 million, to supply solar grid-tie inverters throughout 2007 for the European and North American solar markets.

This is a minimum contract amount and SOLON has options to increase the size of the order. 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 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. “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.” By the end of December 2006, Xantrex and SOLON had met the $10 million threshold of their initial two-year supply agreement originally 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.