Satcon Expands Partnership with GCL Solar to Include Strategic Manufacturing Agreement
29 September 2010 - 10:00PM
Business Wire
Satcon Technology Corporation® (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® 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® 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.”
About Satcon
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 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 www.gcl-solar.cn to get more information.
Safe Harbor
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.
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