Satcon Announces Three Year 180 Megawatt Agreement with Samsung
November 19 2008 - 7:30AM
Business Wire
Satcon Technology Corporation (NASDAQ CM: SATC), a leading provider
of utility scale distributed power solutions for the renewable
energy market, announced today that it has entered into a three
year, 180 megawatt agreement with Samsung C&T Corporation,
Korea�s largest engineering, construction, trading and investment
firm. In addition to supplying Samsung with Satcon PowerGate� Plus
inverters for its own solar power plant development around the
globe, this agreement provides Samsung the exclusive right to
market and sell Satcon solutions in the rapidly growing Korean
renewable energy market. As a certified member of the Satcon Global
Service Partner Network, Samsung will also provide full maintenance
and warranty service to all Satcon solutions in Korea. �As
Samsung�s role in the growing global renewable energy market
expands, we continue to develop close partnerships with best in
class technology partners like Satcon whose solutions deliver high
value returns on many of the world�s largest and most advanced
photovoltaic and fuel cell energy plants,� said K.D. Kim,
President, Samsung America. �We have worked closely with Satcon on
several utility scale solar projects, and we believe they provide
the best quality and most reliable power conditioning solutions on
the market.� "The combination of Samsung�s strong commercial and
service expertise coupled with Satcon�s industry leading solutions
will deliver unparalleled value to the large scale renewable energy
market,� said Steve Rhoades, Satcon�s President and Chief Executive
Officer. �Together, the companies are committed to delivering the
industry�s most efficient and reliable renewable energy production.
Satcon looks forward to significant growth as a result of this
partnership.� Led by the industry�s most field tested and proven
large scale, utility grade power conditioning systems, the advanced
features offered in the PowerGate� Plus products have established
Satcon as the international standard for large commercial and
utility-scale solar PV installations. With 11 PV inverter power
ratings, ranging from 30 kilowatts to the recently announced 1
megawatt system, paired with its industry leading utility fuel cell
inverter line, Satcon continues to deliver the most scalable and
reliable solutions in today�s renewable energy market. About Satcon
Satcon Technology Corporation is the leading provider of utility
scale distributed power solutions for the renewable energy market,
enabling the industry�s most advanced reliable and proven clean
energy alternatives. For over 22 years, Satcon has designed and
delivered the next generation of efficient energy systems for solar
photovoltaic, stationary fuel cells, wind-turbines, and energy
storage systems. To learn more about Satcon, please visit
www.Satcon.com. About Samsung C&T Founded in 1938, Samsung
C&T Corporation is the origin of SAMSUNG GROUP that has
developed along with the astonishing growth of the Korean economy.
Since its designation in 1975 as Korea�s first-ever General Trading
Company, Samsung C&T Corporation has been conducting complex
trading and investment operations. With the merger of Samsung
E&C in 1996, Samsung C&T has now also balanced the two
branches of Engineering & Construction Group and Trading &
Investment to remain as a world-class enterprise. Samsung C&T
Trading & Investment Group is actively engaged in a wide
variety of business areas worldwide � energy, industrial materials,
and basic materials and machinery to name a few � based on 83
overseas operational bases. In addition, the company uses its
endeavor to become a global leading company in new & renewable
energy industry, maintaining competitiveness through its
value-added SCM solutions ranging from raw materials to power
plant. Samsung C&T Engineering & Construction Group
provides clients with peerless products and services through use of
outstanding talent and technology in the 6 core product areas of
skyscrapers, high-tech factory facilities, roads and bridges,
harbors, power plants and apartment complexes � areas that
symbolize advanced construction technology. Safe Harbor Statements
made in this press release 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,"
"intends," "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, including its Annual Report on Form
10-K and other periodic reports filed with the SEC. Forward-looking
statements contained in this press release speak only as of the
date of this release. Subsequent events or circumstances occurring
after such date may render these statements incomplete or out of
date. The company expressly disclaims any obligation to update the
information contained in this release.
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