Xantrex Technology received a CDN$7.2 million (US$5.4 million) multi-year commitment from Industry Canada’s Technology Partnerships Canada (TPC) program to contribute part of the cost of development of advanced power electronics technology for sustainable energy systems. The project is part of Industry Canada’s initiative to increase research, development and innovation in environmentally clean and sustainable energy alternatives.Burnaby, British Columbia – April 5, 2004 [SolarAccess.com] Under the CDN$24 million (US$18.2 million) project, Xantrex will complete the design and development of advanced technology platforms for distributed generation systems. The advanced technologies developed in this project are expected to improve the performance, ease of installation, network capability and cost of Xantrex’s power electronic systems. “This government is committed to reaching its emission reduction targets under the Kyoto Protocol,” said Lucienne Robillard, Minister of Industry and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec “Supporting the adoption of green energy options through this type of investment is key to reaching those goals.” “Climate change is a very real threat to our quality of life in Canada,and around the world,” said David Anderson, Minister of the Environment. “Technologies like these will help lessen our footprint on the earth and are essential tools in fighting climate change.” This investment will help to develop technologies that will improve performance, and reduce the capital and operating costs of renewable and clean energy technologies. By making renewable and clean energy technologies more cost competitive with traditional energy sources, such as fossil fuels, their widespread adoption will be facilitated. This will help to reduce greenhouse gas emissions, benefiting the environment and contributing to the sustainable development of Canada’s natural resources. “Xantrex is developing technologies that will play an important role in the introduction of clean energy sources, such as solar and wind power,” said Mossadiq S. Umedaly, Chairman of Xantrex Technology Inc. “We are very pleased that the Government of Canada is committed to supporting our research and development in renewable and distributed power. We are excited about the continued growth of these markets and our ability to capitalize on this opportunity.” “Renewable energy technologies are an important part of the future of energy generation in Canada,” said Bruce Sampson, Vice-President of Sustainability for BC Hydro. “As fossil fuels become increasingly depleted, having competitive green energy options will go a long way in ensuring that we can meet the future energy needs of the country.” Technology Partnerships Canada is a special operating agency of Industry Canada, with a mandate to provide funding support for strategic research and development, and demonstration projects that will produce economic, social and environmental benefits for Canadians.