Canadian Solar and Satcon Launch First Strategic Partnership Meeting Ontario's Feed-in-Tariff Domestic Content Requirements
October 02 2009 - 8:00AM
PR Newswire (US)
Leading Solar Solution Innovators Partner with Distribution
Agreement to Optimize Turnkey Solutions for Commercial and
Industrial Rooftop Solar Power Systems KITCHENER, Canada, Oct. 2
/PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (NASDAQ:CSIQ), a
leading provider of vertically integrated solar cells, solar module
and custom-designed solar application products, and Satcon
Technology Corporation (Nasdaq CM: SATC), the industry's leading
utility scale distributed power solutions provider for the
renewable energy market, today announced they have signed a turnkey
solution distribution agreement. As part of the contract, Canadian
Solar and Satcon will market Canadian Solar's commercial solar PV
systems with Satcon's commercial solar PV inverters for commercial
rooftop and ground mounted power stations. The partnership between
Canadian Solar and Satcon provides customers with a complete best
in class system solution that enables optimal system design
flexibility and the highest levels of system performance and uptime
for a rapid and continuous return on investment. This partnership
also meets the domestic content requirements outlined by the
Ontario government in its recently announced feed-in-tariff
program. The combination of Canadian Solar's quality products and
services, credible partnership reputation and prudent financial
management compliments Satcon's innovative power platforms, field
proven performance and reliability and their wide range of
commercial inverter power ratings provide highly optimized,
flexible total system solutions. The opportunity in the emerging
solar markets in Ontario, Canada and China complement both
companies who have manufacturing plants in each respective country.
They can leverage their presence and experience, which will only
enhance the partnership and the products being produced by Canadian
Solar and Satcon. Dr. Shawn Qu, Chairman and CEO, Canadian Solar
Inc. remarked, "The Canadian Solar and Satcon turnkey solutions
agreement enables customers to maximize rooftop solar energy
generation through a combination of Canadian Solar's distinct PV
panels with Satcon's tested and proven large scale solar inverter
solutions. The partnership assures maximum power production in
virtually any rooftop environment. " "The partnership between
Satcon and Canadian Solar brings together two of the solar
industry's leading technology innovators and allows us to combine
our expertise to deliver high performance, complete large scale
solar power solutions to our customers," said Steve Rhoades,
President and Chief Executive Officer of Satcon Technology
Corporation. "Our partnership will allow us to set the new
standards for performance, quality and value for utility scale
solar installations worldwide." About Canadian Solar Inc.
(NASDAQ:CSIQ) Founded in 2001, Canadian Solar Inc. is a leading
vertically integrated provider of ingot, wafer, solar cell, solar
module and other solar applications. Canadian Solar designs,
manufactures and delivers solar products and solar systems for
on-grid and off-grid use to customers worldwide. Canadian Solar is
one of the world's largest solar module producers by manufacturing
capacity. With operations in North America, Europe and Asia,
Canadian Solar provides premium quality, cost-effective and
environmentally-friendly solar solutions to support global
sustainable development. Canadian Solar is incorporated in Ontario,
Canada with headquarters in Kitchener, Ontario. For more
information, visit www.canadian-solar.com . About Satcon (NASDAQ
CM: SATC) Satcon Technology Corporation is the leading provider of
utility scale distributed power solutions for the renewable energy
market, enabling the industry's most advanced reliable and proven
clean energy alternatives. For over 24 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 .
Safe Harbor/Forward-Looking Statements for Canadian Solar "Certain
statements in this press release including statements regarding
expected future financial and industry growth are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power; future
shortage or availability of the supply of high-purity silicon;
demand for end-use products by consumers and inventory levels of
such products in the supply chain; changes in demand from
significant customers, including customers of our silicon materials
sales; changes in demand from major markets such as Germany;
changes in customer order patterns; changes in product mix;
capacity utilization; level of competition; pricing pressure and
declines in average selling prices; delays in new product
introduction; continued success in technological innovations and
delivery of products with the features customers demand; shortage
in supply of materials or capacity requirements; availability of
financing; exchange rate fluctuations; litigation and other risks
as described in the Company's SEC filings, including its annual
report on Form 20-F originally filed on June 8, 2009. Although the
Company believes that the expectations reflected in the forward
looking statements are reasonable, it cannot guarantee future
results, level of activity, performance, or achievements. You
should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required
under applicable law." DATASOURCE: Canadian Solar Inc. CONTACT:
Investor Relations for Canadian Solar, Alex Taylor of Canadian
Solar Inc., +1-519-954-2057, , or David Pasquale of Global IR
Partners, +1-914-337-8801, ; or Media Relations, Tanya Bragg of
Canadian Solar Inc., +1-519-954-2057, ; or for Satcon, Alida Bangs
of Satcon Technology Corporation, +1-510-226-3812, Web Site:
http://www.canadian-solar.com/
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