SatCon Awarded $2.7M Contract for Energy Storage and Delivery System
November 30 2006 - 7:00AM
Business Wire
SatCon Technology Corporation� (Nasdaq CM: SATC), a developer and
manufacturer of power systems and technologies for alternative
energy and power distribution, today announced that it has been
awarded a $2.7M Stage 1 contract for an energy storage and delivery
system capable of providing 8 megawatts of power for several
seconds. When the total system is fully implemented the power
levels will be in excess of 20 megawatts. Delivery of this first
stage is scheduled for June 2007. Full value of all three proposed
stages is $6.5M. This system is an adaptation of SatCon�s high
power electronics and energy storage products developed for the
alternative energy and distributed power markets, and is an
enabling element of Solar, Fuel Cell and Wind farm installations.
SatCon�s Chief Executive Officer, Dave Eisenhaure, stated, "This
contract supports our leadership in supplying power conversion and
energy storage products and is consistent with our role as a system
provider in alternative energy applications. These types of
programs allow customers to draw low levels of power from the grid
and then supply large pulses of power for unique applications such
as power outage ride through and grid connected distributed power
using alternative energy sources where sunlight or load variations
cause power drains for brief periods of time while additional
systems come on line. The contract is in addition to the already
announced $32 million in backlog at the end of Q3.� The award
expands on SatCon�s portfolio of power electronics applications
with the development of an integrated pulse power energy storage
system. This technology has direct applicability to both civilian
and military customers. 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. (SATC-G) 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 �will,� �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
expectation. Additional information concerning risk factors is
contained from time to time in the Company�s SEC filings. The
Company expressly disclaims any obligation to update the
information contained in this release. SatCon Technology
Corporation(R) (Nasdaq CM: SATC), a developer and manufacturer of
power systems and technologies for alternative energy and power
distribution, today announced that it has been awarded a $2.7M
Stage 1 contract for an energy storage and delivery system capable
of providing 8 megawatts of power for several seconds. When the
total system is fully implemented the power levels will be in
excess of 20 megawatts. Delivery of this first stage is scheduled
for June 2007. Full value of all three proposed stages is $6.5M.
This system is an adaptation of SatCon's high power electronics and
energy storage products developed for the alternative energy and
distributed power markets, and is an enabling element of Solar,
Fuel Cell and Wind farm installations. SatCon's Chief Executive
Officer, Dave Eisenhaure, stated, "This contract supports our
leadership in supplying power conversion and energy storage
products and is consistent with our role as a system provider in
alternative energy applications. These types of programs allow
customers to draw low levels of power from the grid and then supply
large pulses of power for unique applications such as power outage
ride through and grid connected distributed power using alternative
energy sources where sunlight or load variations cause power drains
for brief periods of time while additional systems come on line.
The contract is in addition to the already announced $32 million in
backlog at the end of Q3." The award expands on SatCon's portfolio
of power electronics applications with the development of an
integrated pulse power energy storage system. This technology has
direct applicability to both civilian and military customers. 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. (SATC-G) 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 "will," "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 expectation.
Additional information concerning risk factors is contained from
time to time in the Company's SEC filings. The Company expressly
disclaims any obligation to update the information contained in
this release.
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