Satcon Technology Corporation(R) (NASDAQ CM: SATC), a leading provider of utility scale power solutions for the renewable energy market, today announced a strategic manufacturing agreement with GCL Solar Systems Limited, one of China's largest utility solar power plant developers, to enhance production of their industry leading 500 kilowatt (kW) PowerGate(R) Plus line of solar PV inverters for the Asia Pacific market.
Under the terms of the agreement, GCL Solar is commissioning a manufacturing facility in Nanjing, China, which is expected to be capable of producing over 500 megawatts (MW) of production of the 500kW PowerGate Plus inverters in 2011. Satcon(R) is expected to provide GCL Solar with the core manufacturing processes and technologies for the PowerGate Plus solutions for final assembly at the GCL Solar plant. GCL Solar has agreed to purchase from Satcon the capacity to produce a minimum of 300MW per year out of the GCL Nanjing operation. The PowerGate Plus 500kW inverters manufactured at the Nanjing facility under this Agreement are expected to be sold by GCL Solar into the Chinese solar PV market, and used on GCL Solar funded utility solar developments around the world.
"Over the past two years, the Chinese government has made significant strides in the development and support of large scale renewable energy resources. In that time period, GCL Solar has become the leading developer of utility scale solar PV plants in all of Asia," said Dr. Gu, Chief Executive Officer of GCL Solar. "Our partnership with Satcon has helped our dominant position in this market, and today we announce an even closer agreement with the world's leading provider of utility scale solar power conversion technologies. This enhanced level of cooperation will help enable us to develop and deliver the world's most advanced and successful large scale solar plants in both China as well as with our other projects worldwide with the highest levels of reliability and total system quality."
Production out of the Nanjing manufacturing facility is expected to begin in March of 2011, and when combined with the expanded Burlington, Ontario operations is expected to increase worldwide manufacturing capacity to over 2 annual gigawatts.
"Satcon and GCL have partnered to deliver many of China's largest and most advanced solar installations to date, with each showcasing the total system value that our partnership brings to the utility scale solar market," said Steve Rhoades, Chief Executive Officer of Satcon Technology Corporation. "The combination of GCL's system design and construction expertise and our leading technologies allow us to deliver the next generation of total system value to our customers. As we continue to build upon the strong foundation we have developed in China over the past year with GCL, the expanded partnership will enable us to more effectively address the increasing demand for our large scale solutions together."
Satcon Technology Corporation is the leading provider of utility scale power solutions for the renewable energy market, enabling the industry's most advanced reliable and proven clean energy alternatives. For over 25 years, Satcon has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems. To learn more about Satcon, please visit http://www.SatCon.com
About GCL Solar System Limited
GCL Solar System Limited is a leading professional solar power system integrator, provides consulting, design, system integration and general contracting service for large and medium solar power stations, and provides one-station service solutions for PV station. GCL has built enterprise academician workstation, post-doctoral scientific research workstation and Jiangsu province PV engineering and technological research center. GCL is the chief editor of PV solar systems design, construction, checking and accepting standard of China PV solar industry. Currently GCL has undertaken 200 MWPV power station capacities, 35 MW of them has been put into operation. Among those PV projects, the 20 MW PV power station locates in Xuzhou which was put into operation in 2009 is the biggest operating PV power station in China. Please visit http://www.gcl-solar.cn to get more information.
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not place undue reliance on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectations. Factors that could cause actual results to differ materially from the company's expectations are contained in the company's SEC filings, including in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2009 and the company's Quarterly Report for the period ended June 30, 2010. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
SOURCE: Satcon Technology Corporation
Satcon Technology Corporation
Michael Levi, +1-949-201-5955
Senior Director of Worldwide Marketing
GCL Solar Systems Limited
Wang Jin, +8625.8696.9006
Vice GM and Communication Director
GCL Solar Systems Limited
Wang Wei, +8625.8696.9580
Deputy Product Marketing Manager