SatCon Receives over $1 Million in New Fuel Cell Inverter Orders
July 21 2006 - 8:15AM
Business Wire
SatCon Technology Corporation(R) (Nasdaq NM: SATC), a developer and
manufacturer of power electronic and control products for the
alternative energy markets, today announced that it has recently
received purchase orders totaling in excess of $1 million for its
PowerGate(TM) inverters for use on sub-megawatt and megawatt-class
fuel cells designed and manufactured by FuelCell Energy, Inc.
(NasdaqNM:FCEL). FCEL is a world leading marketer, developer and
manufacturer of ultra-clean power plants that generate electricity
with higher efficiency than distributed generation plants of
similar size and with virtually no air pollution. The orders
include SatCon's next generation PowerGate inverter for FCEL's
multi-megawatt fuel cell power plant, the DFC3000, with a current
nominal rating of 2 megawatts that is typically sufficient to power
approximately 1,000 homes. Delivery of the PowerGate inverters is
scheduled over the next four to eight months. "We are pleased to
receive this order and excited to continue our supplier
relationship with FuelCell Energy with our next generation
PowerGate inverter," said David Eisenhaure, CEO and Chairman of
SatCon Technology Corporation. "We have provided inverters for
FuelCell Energy's sub-megawatt and megawatt fuel cell power plant
customer installations since 2003, and this transaction enables us
to build on our past successes as they expand their
commercialization program to their multi-megawatt product line."
"Our orders for high-power PowerGate inverters for alternative
energy applications are strong and growing," said Clemens van Zeyl,
President of SatCon Stationary Power Systems. "SatCon has sold over
30 megawatts of high-power inverters for stationary fuel cell and
photovoltaic applications since it introduced the PowerGate product
line in 2003. It is encouraging to see the markets embrace the
higher capacity systems which are SatCon's area of specialization."
About PowerGate(TM) Inverters PowerGate(TM) inverters are designed
for use with alternative energy power systems to generate
distributed electrical power. Distributed, alternative energy power
generation is a growing trend toward the production of clean,
reliable power at the point of use. Alternative energy systems can
alleviate congestion on highly loaded utility electrical
distribution networks and offer an alternative to power line
extensions in remote areas. Many alternative energy power systems
require high-power, high-reliability inverters and controls to
convert the power generated to useable AC power compatible with the
electric power grid. About SatCon Technology Corporation SatCon
Technology Corporation is a developer and manufacturer of
electronics and motors for the Alternative Energy, Hybrid Electric
Vehicle, Grid Support, High Reliability Electronics and Advanced
Power Technology markets. For further information, please visit the
SatCon website at www.satcon.com. Statements made in this document
that are not historical facts or which apply prospectively are
forward-looking statements that involve risks and uncertainties.
These forward-looking statements are identified by the use of terms
and phrases such as "believes," "expects," "plans," "anticipates"
and similar expressions. Investors should not rely on forward
looking statements because they are subject to a variety of risks
and uncertainties and other factors that could cause actual results
to differ materially from the Company's expectations. Additional
information concerning risk factors is contained from time to time
in the Company's SEC fillings. The Company expressly disclaims any
obligation to update the information contained in this release.
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