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SatCon to Build Fuel Cell Power Converters for H Power Corp.

2 February 2000

SatCon Technology to Build Fuel Cell Power Converters for H Power Corp.

    CAMBRIDGE, Mass.--Feb. 1, 2000--SatCon Technology Corporation(R) , a leader in power and energy management products, announced today that it will build fuel cell power converters for H Power Corp. of Belleville, New Jersey. The SatCon power converters convert DC electrical output from H Power's fuel cell systems into useful AC electrical power. H Power is a privately held company. Among H Power's shareholders are major strategic investors including ECO Fuel Cells, LLC, an energy services organization owned by electric co-ops; Sofinov Societe Financiere D'Innovation, the technology branch of the largest Canadian pension fund, Caisse de Depot et Placement du Quebec; Singapore Technologies Automotive, Ltd., part of a multi-billion dollar conglomerate in Asia; and Duquesne Enterprises Inc., which acquires and develops companies involved in electronic commerce, communications, and energy services and technologies and is a wholly-owned subsidiary of DQE, .
    "We are pleased to be working with H Power on their fuel cell power generation system," said David Eisenhaure, SatCon's President and Chief Executive Officer. "The alternative energy market is continuing to expand to provide environmentally cleaner and more reliable sources of computer grade energy. Fuel cell power generation is one of the growing options that can offer grid-free electricity that will eliminate power outages and voltage fluctuations, a critical need for e-commerce and people and businesses that want to stay "on-line." We're also pleased that our progress in developing smaller, lower cost, efficient DC to AC power converters is being recognized by another fuel cell manufacturer. Of particular importance is the connection with Duquesne Enterprises, which is a strategic investor in both SatCon and H Power. Duquesne Enterprises has been working with SatCon and Beacon Power, one of SatCon's operating divisions, in the development and commercialization of Beacon's flywheel uninterruptible power supplies that are currently undergoing successful field-testing with Bell Atlantic and WinDBreak Cable. Beacon Power has also been in discussions with fuel cell power generation manufacturers about the possibility of using flywheels to replace batteries to handle peak loads in their systems."
    "We're excited about the technologies and products being developed and commercialized by SatCon and H Power," said Thomas Hurkmans, President of Duquesne Enterprises. "That's why we've made strategic investments in both companies and are helping them to bring these new alternative energy products to market."
    H Power, founded in 1989, is completing the development of 1-10-kW systems for remote or grid-connected residential use, operating on propane or natural gas. H Power has signed an exclusive agreement with ECO Fuel Cells, LLC, to distribute its residential stationary power generators to U.S. rural electric cooperatives. H Power is among the leaders in the development of Proton-Exchange Membrane (PEM) fuel cells. H Power also offers sub-kilowatt fuel cell systems for a variety of telecommunications and back-up power applications, as well as mobile applications involving small specialty vehicles.
    Duquesne Enterprises is a wholly-owned subsidiary of DQE, Inc. , a multi-utility delivery and services company with business ventures and partnerships in the United States and Canada. Duquesne Enterprises acquires and develops companies involved in electronic commerce, communications, and energy services and technologies.
    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.