Xantrex Technology Inc. announced today that it has signed a three-year supply agreement with a leading North American wind turbine manufacturer, and has received an initial purchase order to supply multi-megawatt power converters against that agreement valued at $12 million.
VANCOUVER, BC, May 14, 2007 ó Xantrex Technology Inc. (TSX:XTX) announced today that it has signed a three-year supply agreement with a leading North American wind turbine manufacturer, and has received an initial purchase order to supply multi-megawatt power converters against that agreement valued at $12 million. This initial order is to be delivered within 2007.
"This contract and purchase order builds on our substantial wind business from 2006 and secures our long term participation in the growth of wind power which is part of our renewable power business and our primary growth market," said Mossadiq S. Umedaly, Xantrex's Chairman.
Xantrex wind converters efficiently and reliably convert and control variable power from wind turbine generators into high-quality AC power for the utility grid.
In 2006, U.S. installed wind energy capacity rose by 27%, according to the American Wind Energy Association. Compared with fossil fuels, wind energy offers a superior emissions profile, including mitigation of global warming, and secure sourcing.
"This long term contract verifies that Xantrex has proven itself as an excellent supply partner to the wind industry. The associated business will provide stable growth for our wind converter business for the next three years starting in the second half of 2007," commented Xantrex CEO John Wallace.
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, 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 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.
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