Satcon Technology Corporation (SATC) today announced a partnership with Great Wall Computer Company Limited (GWPC), a majority-owned subsidiary of China Electronics Corporation (CEC). The partnership will position Satcon to capitalize on the estimated 14GW of utility scale projects under development, fueled by the country’s Feed-In Tariff program. The partnership includes a five-year contract manufacturing agreement and a sales, marketing, distribution and localized access to the Chinese large scale solar market.
Steve Rhoades, CEO of Satcon Technology Corporation, commented:
“As the worldwide solar market continues to develop, the focus on both inverter performance and costs have intensified. The Great Wall partnership significantly strengthens our company, accelerates our cost reduction efforts and opens up a sizeable opportunity above and beyond our recent success in the China market.”
Highlights of the Agreement:
- A non-exclusive commercial sales and marketing agreement for the distribution of Satcon solar inverters for greater China. Under the terms of the sales and marketing agreement, Great Wall has committed to an initial purchase of approximately 60 megawatts of Satcon’s PowerGate Plus solutions, which are expected to be delivered by April and utilized for Great Wall projects.
- A non-exclusive contract manufacturing agreement with Great Wall’s wholly-owned subsidiary and Satcon’s current contract manufacturer, Excelstor. Under the new agreement, Great Wall will closely support joint efforts by Satcon and Excelstor in aggressive cost reduction driven by design and supply chain improvements. Under the terms of the agreement, immediate cost reductions are provided in addition to medium- and long-term targets.
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Satcon Technology Corporation® is a leading provider of utility-scale power conversion solutions for the renewable energy market, enabling the industry’s most advanced reliable and proven clean energy alternatives. For over 26 years, Satcon® has designed and delivered the next generation of efficient energy systems for solar photovoltaic, stationary fuel cells, and energy storage systems.