Xantrex Technology Inc. is pleased to announce that it has received an order from ProSol Financiera S.A. valued at approximately US $2.5 million. The order is for Xantrex's grid tie commercial inverters for a project to build a solar power plant in Spain.
Vancouver, BC, September 6, 2006 — Xantrex Technology Inc. (TSX:XTX) is pleased to announce that it has received an order from ProSol Financiera S.A. valued at approximately US $2.5 million. The order is for Xantrex's grid tie commercial inverters for a project to build a solar power plant in Spain.
"We are delighted to be chosen to supply our commercial solar inverters for ProSol's project," said Mossadiq S. Umedaly, Xantrex's Chairman. "ProSol is an important new European customer that we have added this year, positioning us for growth in this market."
ProSol Financiera S.A. is financing the development of this 8 megawatt (MW) solar power plant located in Moclinego, Spain. The project is expected to be completed by March 2007. The first shipment of Xantrex inverters will begin this month with final deliveries under this purchase order to be completed by year-end.
"Our continued success in the European solar market demonstrates the quality, reliability and value of our products," said Xantrex CEO John Wallace. "Xantrex inverters are field proven, efficient and reliable, offering system integrators and owners an excellent return on their solar power investment. We are focused on becoming a supplier of choice in the European solar market, as we are in the North American market, by delivering outstanding products, reducing installed cost, and providing industry leading after-sale support."
Anton Hotz, General Director of ProSol Financiera, S.A., said "We chose Xantrex inverters because of the company's industry experience worldwide, its high quality, reliable and efficient products. The use of Xantrex inverters in this project is expected to enhance our efforts in implementing clean and renewable solar energy."
Xantrex's solar grid tie inverters meet both the CE and Spain's RD 1663/2000 requirements. The Xantrex inverters efficiently convert direct current power from solar panels into high-quality alternating current electricity for delivery to the grid.
Pro Sol Energia (www.pse-es.com) is a Spanish corporation located in Costa del Sol, Málaga. Together with Pro Sol Financiera, S.A., the project financer, Pro Sol develops and builds solar power stations in Spain. Pro Sol is focused on the fast and growing demand of clean and renewable energy.
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, 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 publicly listed on the Toronto Stock Exchange under the ticker 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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