Satcon Technology Corp., a provider of utility-scale PV inverters and other power electronics, has announced a set of cost reduction initiatives intended to improve the company's financial performance and align its global workforce and operations infrastructure.
Under the plan, Satcon will focus product development and marketing efforts on turnkey products for the large-scale commercial and utility solar markets, with concentration on North America, China, India and Thailand as well as other emerging markets in the Asia-Pacific region. The company will place increased emphasis on Prism Platform, its multi-megawatt medium-voltage building block.
Satcon will also close its Canadian manufacturing facility, and is currently working to partner with a contract manufacturer to maintain Ontario production capacity in order for Satcon solutions to continue to satisfy the province's feed-in tariff requirements.
In addition, Satcon has restructured its office and warehouse infrastructure in Europe, China and the U.S. As part of the organizational restructuring, the company will reduce its workforce by 140 employees worldwide, or approximately 35%.
The company says it is also currently analyzing its inventory and certain non-cancelable supplier-held inventory and will write down the value or take a charge to reflect current market conditions.