SatCon Technology Awarded $2.0 Million Contract for Power Electronics
30 December 1999
SatCon Technology Awarded $2.0 Million Contract for Power Electronics
CAMBRIDGE, Mass.--Dec. 30, 1999--SatCon Technology Corporation(R) (NASDAQ NM:SATC), a leader in power and energy management products, today announced that it has been awarded a $2.0 million contract from General Atomics to build the power electronics section of an Electromagnetic Aircraft Launch System (EMALS). The contract will be executed over the next 24 months and there is potential for additional revenue. The work will be performed at the Technology Center in Cambridge, with assistance from SatCon's newest subsidiary, SatCon Electronic Power Products."We're pleased to be recognized for our leadership in the power electronics field," said David Eisenhaure, President and Chief Executive Officer. "Our contract award for this advanced aircraft carrier system demonstrates the technical expertise we have built into all of our power electronics products. This new system will build off the work we have been doing on Power Electronics Building Blocks, or PEBB's, and the power inverter work we are doing for fuel cell and microturbine power generation systems. It is also an opportunity to advance the manufacturability of larger power electronics systems for future products that we can offer for applications with high power requirements such as ships, industrial systems and large commercial buildings."
SatCon Technology Corporation manufactures and sells power and energy management products for telecommunications, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. SatCon has six operating divisions: Film Microelectronics, Inc. designs and manufactures microelectronic circuits and interconnect products. Magmotor manufactures motors and magnetic suspension systems. Ling Electronics manufactures test equipment, power products, amplifiers and controllers. Beacon Power manufactures flywheel energy storage devices. SatCon Electronic Power Products manufactures power converters for microturbines, and the Technology Center is responsible for new technology and product development.
Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. It is important to note that the Company's actual circumstances could differ materially from those implied by such forward-looking statements. 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 10-K and 10-Q. Copies of those filings are available from the Company and the SEC.