Utility-scale solar inverter specialist, Satcon Technology is seeing exceptional demand for its inverters as record bookings in the first quarter take its 2010 shipment backlog to approximately US$80 million, as of May 3rd, up from US$32.5 million in March, 2010. Strong bookings were seen in the U.S. and Canada while other strong bookings came from key European markets.
Bookings for the first quarter reached US$66 million with China orders equivalent to 191MW on the back of announced projects with GCL Solar. North America totalled 61MW of booked orders, while Europe contributed 47MW. Revenue for the first quarter reached US$14.7 million but revenue is expected to increase significantly to between US$25 million and US$28 million.
The company shipped 234 units of its PowerGate Plus and Solstice inverters in the quarter. 71 of its inverters shipped were its 500 kilowatt PowerGate Plus inverter, representing 82% growth over the same period a year ago.
The company reiterated that demand for utility scale solar power in China continues to grow rapidly, noting that in the first quarter the orders (200MW) received from GCL Solar would be installed across multiple utility scale solar projects in China, with construction completed in the fall of 2010. Satcon also received an additional 32MW of orders from new customers across China for multi-megawatt utility scale installations.
“We are ramping up our manufacturing capacity,” noted Steve Rhoades, President, Chief Executive Officer at Satcon, during a conference call with financial analysts. “Our total worldwide capacity for delivery is up over 200MW a quarter and so we expect to be able to deliver on the orders that we’ve taken and we’re trying to prepare for a bigger second half. So our goal is to be able to serve our customers and deliver on what they need.”
Rhoades also noted that the company is increasing capacity by 50% in 2010, taking capacity up to 1.2GW at its plants in Burlington (300MW) and the Shenzhen (900MW).