The U.S. Department of Energy has added Xantrex Technology Inc. (TSX:XTX) to a consortium that plans to build a more efficient solar inverter.
Xantrex will join SunPower, GE Energy, BP Solar and Amonix Inc. in developing new photovoltaic systems that produce electricity at rates comparable with other energy sources.
The consortium hopes to cut the cost of solar energy in half by 2010. Currently, solar is roughly double retail energy prices.
The consortium is part of the department's Solar America Initiative, which has approximately US$150 million available for 13 solar technology development projects aimed at improving the commercial viability of solar electricity as an alternative power source.
Xantrex's share price range during the past week: between $9.87 and $10; 52-week high: $11; 52-week low: $7.50.