SatCon Technology Corporation (NASDAQ:SATC) has traded as high as $.79 during today’s trading session and last traded at the high of the day for a gain of 40.42% from yesterday’s close… SATC shares traded as high as $5.08 over the past 52 weeks, which is 84.44% over that high at last traded stock price.
SatCon Technology, a leading provider of utility-scale power conversion solutions for the renewable energy market, 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. Of the 14GW of identified non-residential solar projects in development in China today, the majority are expected to be developed by China State Owned Entities. Get my next ALERT 100% FREE
The partnership, which includes a five-year contract manufacturing agreement and a sales, marketing and distribution relationship, supports Satcon’s strategic plan to continue to deliver its industry-leading utility scale inverter technologies at the industry’s lowest possible cost though a world-class manufacturing and supply chain operation and localized access to the Chinese large scale solar market. GWPC is one the world’s largest electronics contract manufacturers and is publicly traded on the China Stock Exchange (Code: 000066). CEC, a Fortune Global 500 company, is China’s largest technology firm and one of 53 China State Owned Entities.
“As the worldwide solar market continues to develop, the focus on both inverter performance and costs have intensified,” said Steve Rhoades, Chief Executive Officer of Satcon Technology Corporation. “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.”
“Great Wall is highly committed to the promise of solar PV as a source of clean renewable energy,” said Mr. Zhou Gengshen, GWPC’s CEO. “Satcon is the world’s leading brand in utility-scale solar technologies and this agreement creates a strong, integrated global alliance that will deliver advanced technologies at a cost that makes solar a viable energy source now and for years to come.”
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