Vancouver's Xantrex Technology Inc. (TSX:XTX), which develops power products for the alternative energy industry, has won a $25 million contract to provide wind power converters to an undisclosed company.
The North American firm will ship most of the converters in the latter half of 2008, completing a backlog of orders in the first two quarters of the year.
Xantrex's wind converters convert variable power generated from wind turbines into alternating current (AC) used in North America's power grid.
Wind energy is one of the fastest growing renewable energy sources in the world. Its capacity in the U.S. has increased by 30% in the past year.
Xantrex's share price range during the past week: between $8.79 and $9.30; 52-week high: $13.19; 52-week low: $8.05.