Portable power developer Xantrex Technology Inc. (TSX:XTX) has signed a $4.5 million contract with Sustainable Development Technology Canada to develop new drive trains and control systems for wind turbines.
An additional US$9 million from a consortium that includes Siemens subsidiaries Winergy AG and Loher GmbH will complement the funds from the federal non-profit foundation, which funds research and development of alternative energy technologies.
Xantrex will help develop new power electronics and controls for two-megawatt to three-megawatt turbine systems, which will have lower operating costs and increased system reliability and efficiency.
Winergy and Loher will develop the gear units and generators and a test facility for the integrated turbine system.
Energy from wind farms continues to grow around the world as more than 74,000 megawatts was produced in 2006. In the past 20 years, the cost to produce wind energy has fallen 90% to less than US$0.07 per kilowatt hour at prime sites.
Xantrex's share price range during the past week: between $10.82 and $11.05; 52-week high: $11.10; 52-week low: $7.50.