SatCon Technology Corporation® (Nasdaq NM: SATC), a leading developer and manufacturer of power electronics and controls for renewable energy markets, announced that over the last four months it has received multiple purchase orders from new and existing customers exceeding 10 Megawatts in photovoltaic inverters.
Over the course of the past 12 months and current fiscal year, the Company has recorded over 26.5MW of photovoltaic inverter orders and has shipped over 21MW. Currently, the Company has a record backlog in this market sector of approximately $4.5 million, all of which is scheduled for shipment by the end of the current calendar year. In addition to this record backlog of short-cycle business, SatCon’s Stationary Power Systems Division has a backlog of another $1.6 million in other alternative energy inverters and over $10 million in industrial power quality and avionic power distribution products, which are complementary to the Company’s renewable energy product portfolio. This total backlog exceeding $16 million is a 165% increase compared to a year ago, when the orders on hand were $6 million.
“Our strategy to focus our Stationary Power Systems business on both renewable energy inverters and complementary industrial power quality and conditioning products, is paying off in terms of market share and revenue growth”, said Clemens van Zeyl, President of SatCon’s Stationary Power Systems Division. “With orders on-hand exceeding the approximately $11.5 million of revenue expected for the current fiscal year, the Division is poised for significant revenue growth in the next year driven largely through its success in the renewable energy markets. From a financial sustainability perspective, the Stationary Power Systems Division is achieving operational efficiencies related to our increase in shipments of photovoltaic inverters, which is expected to accelerate our time to breakeven, and increase our investment in product development and marketing.”
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