SatCon Receives $323,000 Contract for Quiet Motor Drive System
5 August 1998
SatCon Receives $323,000 Contract for Quiet Motor Drive System
CAMBRIDGE, Mass.--Aug. 5, 1998--SatCon Technology Corporation(R) , today announced that it received a $323,000 contract from the Navy's Office of Naval Research to develop and implement an innovative electric motor drive system for Navy ships. The first phase of this project is expected to be completed in early 1999."We are pleased that the Navy continues to recognize the value-add of SatCon's technology," stated David Eisenhaure, President and Chief Executive Officer. "Research and development contracts like these draw on the Company's core competency in magnetics and electronics technology. Preliminary product design will occur in SatCon's Technology Center, and once a product prototype has been refined, manufacturing will be transitioned to the Magmotor Division. With minor adjustments, the motor we are designing for the Navy can be used in other equipment, including air conditioning units, washing machines, and industrial machines. We believe that SatCon has potential for commercial sales in these other applications."
SatCon's motor drive system will greatly reduce the noise generated by a machine's motor, without compromising its power and efficiency.
SatCon Technology Corporation(R) designs, develops, and manufactures "Active Motion Control"(TM) systems including advanced electric motors,high density power electronics, suspension systems, satellite control systems, propulsion systems, and flywheel energy-storage systems for a variety of commercial and government customers. SatCon's flywheel energy-storage devices are produced by its subsidiary, Beacon Power Corporation. SatCon's Film Microelectronics, Inc. subsidiary designs and manufactures microelectronic circuits and interconnect products. In addition, SatCon has a Magmotor Division in Worcester, Massachusetts and a Technology Center in Cambridge, Massachusetts.
Note: This release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the caption "Factors Affecting Future Results" in the Company's Annual Report on Form 10-K for the year ended September 30, 1997, which factors are incorporated herein by reference. As more fully described in such "Factors Affecting Future Results", please note that the Company's future growth opportunities are dependent on the introduction of new products that must penetrate the automotive, telecommunications, industrial, and computer market segments. No assurance can be given that new products can be developed, or if developed, will be successful; that competitors will not force prices to an unacceptably low level or take market share from the Company; or that the Company can achieve or maintain profits in these markets.