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."
SOURCE Canadian Solar Inc.