SatCon Announces 10 MW in Orders for Photovoltaic Inverters
SatCon Technology Corp.® announced that over the last four months it has received multiple purchase orders from new and existing customers exceeding 10 MW in renewable energy, photovoltaic inverters. Over the course of the past twelve months and current fiscal year, the company has recorded over 26.5 MW of photovoltaic inverter orders and has shipped over 21 MW.
Currently, the company has a backlog in this market sector of approximately $4.5 million, all of which is scheduled for shipment by the end of the current calendar year. In addition to this backlog of short-cycle business, SatCon's Stationary Power Systems Division has a backlog of another $1.6 million in other alternative energy inverters and over $10 million in industrial power quality and avionic power distribution products, which are complementary to the company's renewable energy product portfolio. This total backlog exceeding $16 million is a 165% increase compared to a year ago, when the orders on hand were $6 million.
David Eisenhaure, SatCon's Chairman and Chief Executive Officer stated, "I am pleased with the progress we are making in growing our presence in the renewable energy markets. Earlier this fiscal year we successfully launched a 500kW inverter, which further completed our offerings of UL 1741 listed photovoltaic inverters. This product has played a significant role in our market success this year."
Eisenhaure continued, "Growth of our renewable and alternative energy business continues as the primary focus for SatCon in fiscal 2007. We understand that sustained growth requires investment in product, facilities and people, and we are determined to direct a significant portion of our working capital to this opportunity. As an indication of our commitment to this strategy, I am pleased to announce the investment in our next generation PowerGate inverter for this market sector as a key initiative for fiscal 2007."