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Magmotor Receives Order for Automotive Fuel Cell Motors

30 April 1999

SatCon's Subsidiary Magmotor Receives Order for Automotive Fuel Cell Motors; This is Magmotor's Second Order for Fuel Cell Vehicle Motors From Opel, General Motors European Partner

    CAMBRIDGE, Mass.--April 30, 1999--SatCon Technology Corporation(R) (Nasdaq NM:SATC), today announced that it has received an additional order for electric motors and controllers for use in fuel cell vehicles from Opel, General Motors' German partner for alternative fuel vehicles. Opel and General Motors are jointly developing fuel cell automobiles. With the recent announcement by both General Motors and DaimlerChrysler, the race is on to be the first to market with economical fuel cell vehicles. Fuel cell vehicles are environmentally clean, eliminating nitrous oxides, energy efficient, and have the potential to replace a large percentage of the 60 million conventional road vehicles produced annually.
    "With our recent award of $10 million by the Department of Energy to develop low-cost, advanced power systems for fuel cell and other hybrid vehicles," said David Eisenhaure, SatCon's President and Chief Executive Officer, "we have the ability to create new products for fuel cell vehicles. This contract with General Motors and their European partner, Opel, gives us a key business relationship in manufacturing and selling these new products."
    SatCon's advanced integrated power module (AIPM) controller used for fuel cell vehicles is a variation of the PEBB controller being supplied to Plug Power for use in residential fuel cell power systems for onsite power generation. For vehicle applications, SatCon's PEBB controller will sell for less than $500 per unit. These smaller, low-cost, PEBB controllers and low-cost motors can be used in both fuel cell vehicles and in distributed power generation using fuel cells, micro turbines and solar energy.
    SatCon Technology Corporation(R) manufactures and sells power and energy management products for telecommunications, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. These products include 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 has four subsidiaries: Film Microelectronics, Inc. designs and manufactures microelectronic circuits and interconnect products. Magmotor manufactures motors and suspension systems. Beacon Power manufactures flywheel energy storage devices and the Technology Center is responsible for new technology and product development.

    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, 1998, which factors are incorporated herein by reference. Please note that the Company's future growth opportunities are dependent on the introduction of new products that must penetrate commercial 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.