SatCon Receives Over $19 Million of New Business in Fourth Quarter

    CAMBRIDGE, Mass.--Oct. 8, 2002--SatCon Technology Corporation(R) , a leader in critical power systems, announced today that it received approximately $19.4 million in bookings, awards and letters of intent during the fourth quarter of fiscal 2002.
    New bookings totaled $12 million, new awards totaled $6.0 million including the recently announced $5.2 million integrated power system program, which is in final contract negotiations. Letters of intent totaled $1.4 million with an expectation that these will be formally booked in the next few weeks. Applied Technology's new business totaled $8.2 million of the $19.4, with $7.0 million in defense related projects and approximately $1.2 million in alternative energy projects, including hybrid electric vehicle programs. SatCon Electronics booked $2.3 million, with $1.6 million in defense related electronics and $0.7 million in commercial and RF products. SatCon Power Systems' new business totaled approximately $8.9 million, with $3.1 million in defense related power electronics, $2.4 million in shaker test systems, $1.8 million in alternative energy, and $1.6 million in industrial automation. For the company, defense related business totaled 60%; alternative energy was 15%; shaker test systems 13% and other commercial products 12%.
    "We had a very successful fourth quarter in terms of new business," said David Eisenhaure, SatCon's president and chief executive officer. "We are encouraged that are our core business continues to grow as we finalize the testing of our Rotary Uninterruptible Power Supply and Power Quality systems which we expect will add significantly to our future bookings and revenues following their product launch in the coming quarter."
    Bookings are contracts, purchase orders, or other arrangements that have a defined cost and scheduled delivery date that has been agreed to by both SatCon and its customer. An award is a notification by the government of the award of a contract to SatCon. Once the award has been formally negotiated, usually within a few weeks of award notification, it becomes a contract and a booking. A letter of intent is a written statement by a customer that they will purchase a certain quantity of product at a certain price but at a delivery time yet to be determined. Once the delivery is determined, it becomes a purchase order and a booking.

    About SatCon Technology Corporation

    SatCon Technology Corporation manufactures and sells power and energy management products for digital power markets. SatCon has three business units: SatCon Power Systems manufactures and sells power systems for distributed power generation, power quality and factory automation, including inverter electronics from 5 kilowatts to 5 megawatts. SatCon Electronics manufactures and sells power chip components; power switches; RF devices; amplifiers; telecommunications electronics; and hybrid microcircuits for industrial, medical, military and aerospace applications. SatCon Applied Technology develops advanced technology in digital power electronics, high-efficiency machines and control systems for a variety of defense applications with the strategy of transitioning those technologies into multiyear production programs. 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 expectation. Among the important factors that could cause the Company's actual circumstances, or results, to differ materially from those implied by such forward-looking statements include market conditions, developments in the Company's business and industry, inability to gain customer acceptance of its new products, cancellation of booked orders at any time, failure to receive any additional orders within the markets listed, failure to complete negotiations on awards and turn them into bookings, and failure to complete letters of intent and turn them into bookings. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's filings, including but not limited to the Company's Forms 10-K and 10-Q. Copies of those filings are available from the Company and the Securities and Exchange Commission. The Company expressly disclaims any obligation to update the information contained in this release.