Feb. 7 (Bloomberg) -- Satcon Technology Corp. rose the most in almost two decades after agreeing to a manufacturing partnership to supply solar-plant equipment to a unit of China Electronics Corp.
Satcon climbed 51 percent to 85 cents at the close in New York, the biggest gain for the Boston-based company since Nov. 13, 1992.
China Electronics’ Great Wall Computer Co. agreed to an initial purchase of 60 megawatts of Satcon inverters by April, Satcon said today in a statement. Satcon’s contract manufacturer in China, Exelstor, will also work with Great Wall to target cost reductions for the product.
Last month, Satcon said it would cut 140 jobs, or about 35 percent of its workforce, and close a factory in Canada that makes power inverters for solar plants. Inverters convert electricity from solar cells for use on electric grids.
To contact the reporter on this story: Christopher Martin in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Reed Landberg at email@example.com.