We would like to highlight Satcon Technology Corp. (NASDAQ: SATC). The company designs and manufactures enabling technologies and products for electrical power conversion and control for applications in markets, such as alternative energy, hybrid electric vehicles, distributed power generation, power quality, semiconductor fabrication capital equipment, industrial motors and drives, and defense electronics.
In the company’s news Wednesday,
Satcon Technology Corp. announced its power solutions have earned it a 2.36-megawatt solar power project from the American Capital Energy of North Chelmsford, Mass., a full service solar energy project integration and installation company for large commercial enterprises. The project will be the largest single roof-mounted solar array in the United States.
American Capital Energy connects Satcon with the Atlantic City Convention & Visitors Authority (ACCVA) to create a solar project utilizing 13,321 rooftop-mounted panels on top of the Atlantic City Convention Center (ACCC). The project will be developed through a 20-year agreement with Pepco Energy Services, a subsidiary of Pepco Holdings Inc.
“It is critical that all components selected for our Convention Center project meet two objectives,” Tom Hunton, president of American Capital Energy stated in the press release. “First, given the scale of the project, all components must be proven technology of the highest quality to assure optimal generating capability. Second, the reliability of each component in the power generation chain is paramount to providing maximum long term system viability. Satcon brings the technology and proven solutions that will enable us to accomplish this.”
“The ACCVA project demonstrates the increasing demand for our photovoltaic inverters to be used in larger, utility scale installations in North America,” said Steve Rhoades, Satcon’s president and CEO. “This demand is further reflected in the upward trend in our backlog for these products. To date, our net backlog is approximately $49 million, with approximately 59% coming from PV and fuel cell inverter orders. At the end of the second quarter of 2008, our backlog was approximately $45 million, inline with our backlog for the past four quarters. This clearly shows the strength of our backlog and the growing demand for our photovoltaic and fuel cell solutions as utility scale installations become the global trend.”
Per the agreement, Pepco will build, operate and maintain the solar plant. American Capital Energy will be the general contractor for the project. Construction began in June and is expected to be complete by December 31, 2008.
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