SatCon Technology Establishes New Operating Division
12 January 2000
SatCon Technology Establishes New Operating Division - Advanced Fuel Cell Power Products
CAMBRIDGE, Mass.--Jan. 12, 2000--SatCon Technology Corporation(R) , a leader in power and energy management products, announced today that is has established its seventh and newest operating division, The Advanced Fuel Cell Power Products Division, formerly HyComp, in Marlborough, Massachusetts. Advanced Fuel Cell Power Products will market and sell SatCon's family of fuel cell power converters, controllers and amplifiers. SatCon is building power converter modules for use in residential fuel cell power generation systems. These modules can also be sized for commercial applications including small businesses, factories, industrial parks and shopping malls. The new division will also market and sell Ling Electronics' new power converter product line, SatCon/FMI's power converters for fuel cell automobiles, as well as manufacture key proprietary components for all of SatCon's fuel cell power converter product lines.There are 70 million homes in the United States that are connected to or built near natural gas lines and many millions more that already use home delivery of propane. Using natural gas or propane, a fuel cell power generator, with a SatCon power converter, can provide a home or business with environmentally clean, highly reliable, computer grade electricity independent of the utility grid.
"We are already supplying the major fuel cell manufacturers with our power converter products, that are smaller and more efficient, and we have a $10 million dollar Department of Energy (DoE) contract to reduce the costs of manufacturing the product by actually installing a production line. We will transition that work and install the production line at the Advanced Fuel Cell Power Products Division to support building power converters for fuel cell power generators as well as for fuel cell automobiles. Fuel cells are also an ideal replacement for current internal combustion engines in automobiles because they are environmentally clean. Some 60 million cars are produced each year worldwide, which represents a significant opportunity for fuel cell engines and power converters that could reduce air pollution and increase fuel economy." said David Eisenhaure, SatCon's President and Chief Executive Officer.
Advanced Fuel Cell Power Products will coordinate the sales and marketing efforts for Ling Electronics' new power conversion product line that is currently being sold to a new fuel cell customer. Combining the fuel cell power products into this new division will focus the sales and marketing initiatives, expedite product development and increase opportunities for SatCon's fuel cell power products for homes, businesses and automobiles.
"Our DoE program is providing the funding to reduce manufacturing costs for fuel cell vehicle power converters. When we purchased HyComp, it was our plan to use HyComp to accommodate FMI growth and to manufacture power modules for a range of distributed power generation applications," continued Eisenhaure . "Part of the facility will continue to support FMI, but with the importance of fuel cell power conversion products, SatCon plans to expand HyComp's role in power modules by reorganizing it as the Advanced Fuel Cell Power Products Division and transitioning the fuel cell power converter products out of the Technology Center and into this new division."
SatCon Technology Corporation manufactures and sells power and energy management products for power generation, telecommunications, manufacturing, factory automation, aircraft, satellites and automotive applications. SatCon has seven operating divisions: Advanced Fuel Cell Power Products manufactures and sells power conversion products for fuel cell power generation systems; Film Microelectronics, Inc. designs and manufactures microelectronic circuits and interconnect products; Magmotor manufactures servo-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. For further information please visit the SatCon Technology Corporate Website at http://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. 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.