LIVERMOVE, CA, April 26 /PRNewswire-FirstCall/ -- Xantrex Technology Inc. (TSX:XTX) today announced that it has been selected to develop next generation solar inverters to support the U.S. Department of Energy's (DOE) Solar America Initiative. In March the DOE announced the selection and future funding of 13 solar technology development projects. Xantrex is partnered with consortiums in four of those projects.
As part of President Bush's Advanced Energy Initiative, the DOE's Solar America Initiative will provide approximately $150 million in funding for 13 solar technology development projects to advance the commercial competitiveness of solar electricity.
Through a rigorous review process, Xantrex and a select group of companies, universities, and researchers will receive funding over three years to develop photovoltaic solutions that achieve a targeted cost of solar electricity, at a level competitive with retail electric rates, by 2010. The current cost of solar electricity, using present photovoltaic system technology, is roughly double the target objectives.
The partnerships will develop integrated solutions that consider the entire solar electrical system, including modules, racking, inverters and other balance-of-systems components. As a key member in four of these project teams, Xantrex joins industry-leading partners such as SunPower, GE Energy, BP Solar and Amonix, Inc. to develop inverter solutions.
"We are honored that Xantrex has been selected as the partner of choice to develop next generation inverters by four project teams," said John Wallace, Xantrex CEO. "With this strong group of development partners, we are confident that significant achievements will be made toward the DOE's Solar America Initiative."
About Xantrex
Xantrex Technology Inc. (http://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 and San Diego, California; Elkhart, Indiana; Barcelona, Spain; and Reading, England. Xantrex is 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.
CONTACT: Donna Clark, (604) 422-2601,
