Vancouver power converter developer Xantrex Technology Inc. (TSX:XTX) has signed a $12 million contract to provide power converters for a North American wind turbine manufacturer.
The client's name was not disclosed.
The three-year supply agreement expands Xantrex's business with the wind power industry, the energy capacity of which grew 27% in the U.S. last year.
Xantrex is scheduled to deliver the first multi-megawatt power converter involved in the deal later this year.
Xantrex's share price range during the past week: between $9.50 and $9.90; 52-week high: $11; 52-week low: $7.50.