From the Wires
Xantrex signs wind converter supply agreement with Clipper Windpower
US$10 million in revenue for Xantrex expected over two years
By: PR Newswire
Sep. 15, 2005 02:43 PM
VANCOUVER, Sept. 15 /PRNewswire-FirstCall/ -- Xantrex Technology Inc. (TSX:XTX) and Clipper Windpower Technology Inc. of Carpinteria, CA have signed a framework agreement under which Xantrex will supply wind converters for Clipper's new 2.5 megawatt Liberty wind turbine. Clipper has agreed to purchase a specified minimum number of Xantrex converters over the next two years that will provide Xantrex with revenue of approximately $10 million.
"We have worked well with Clipper to create a high performance full conversion 2.5 MW converter using a new technology platform which consists of four 625 kilowatt modules," said Mossadiq S. Umedaly, Xantrex's Chairman. "This is the largest capacity wind converter that Xantrex has produced. It converts variable power from the turbine's generators into high-quality AC power for the utility grid, meeting challenging new guidelines established earlier this year by the Federal Energy Regulatory Commission for grid-fault ride-through capability."
James Dehlsen, Chairman and Chief Executive Officer of Clipper, added, "Xantrex's advanced, compact and highly efficient converter is the perfect fit for our new Liberty turbine, which Clipper believes is the most technologically advanced wind machine for commercial power generation. This observation is based on many months of testing the converter at the National Renewable Energy Laboratory in Golden, Colorado and in the field with the prototype Liberty turbine in Medicine Bow, Wyoming. We look forward to installing these Xantrex converters starting late this year. As our business continues to grow in North America and around the world, we expect Xantrex to be a significant long-term supplier."
Clipper, which completed an initial public offering on the London's AIM exchange on September 14, 2005, has a business strategy that includes both the manufacture of wind turbines and the development of wind farms that use these turbines. The company plans to deploy the first shipments of Xantrex converters at a new wind farm in Maryland. Mr. Dehlsen, who founded Clipper in 2000, was a Xantrex wind converter customer in the 1990s as chairman of Zond Systems, a predecessor to GE Wind Energy.
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 distributed, mobile and programmable power markets. The company's products convert raw electrical power from any central, distributed, or backup power source into high-quality power required by electronic and electrical equipment.
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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