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Meldungen 22.09.2006

22.9.2006: Meldung: SatCon Announces 10 Megawatts in Orders for Photovoltaic Inverters

SatCon Technology Corporation, a leading developer and manufacturer of power electronics and controls for renewable energy markets, today announced that over the last four (4) months it has received multiple purchase orders from new and existing customers exceeding 10 Megawatts (MW) in renewable energy, photovoltaic inverters. Over the course of the past 12 months and current fiscal year, the Company has recorded over 26.5 MW of photovoltaic inverter orders and has shipped over 21 MW.

 

Currently, the Company has a record backlog in this market sector of approximately $4.5 million, all of which is scheduled for shipment by the end of the current calendar year. In addition to this record backlog of short-cycle business, SatCon"s Stationary Power Systems Division has a backlog of another $1.6 million in other alternative energy inverters and over $10 million in industrial power quality and avionic power distribution products, which are complementary to the Company"s renewable energy product portfolio. This total backlog exceeding $16 million is a 165% increase compared to a year ago, when the orders on hand were $6 million.

 

"Our strategy to focus our Stationary Power Systems business on both renewable energy inverters and complementary industrial power quality and conditioning products, is paying off in terms of market share and revenue growth", said Clemens van Zeyl, President of SatCon"s Stationary Power Systems Division. "With orders on-hand exceeding the approximately $11.5 million of revenue expected for the current fiscal year, the Division is poised for significant revenue growth in the next year driven largely through its success in the renewable energy markets. From a financial sustainability perspective, the Stationary Power Systems Division is achieving operational efficiencies related to our increase in shipments of photovoltaic inverters, which is expected to accelerate our time to breakeven, and increase our investment in product development and marketing."

 

In addition, David Eisenhaure, SatCon"s Chairman and Chief Executive Officer stated, "I am pleased with the progress we are making in growing our presence in the renewable energy markets. Earlier this fiscal year we successfully launched a 500kW inverter, which further completed our offerings of UL 1741 listed photovoltaic inverters. This product has played a significant role in our market success this year."

 

Eisenhaure continued, "Growth of our renewable and alternative energy business continues as the primary focus for SatCon in fiscal 2007. We understand that sustained growth requires investment in product, facilities and people, and we are determined to direct a significant portion of our working capital to this opportunity. As an indication of our commitment to this strategy, I am pleased to announce the investment in our next generation PowerGate inverter for this market sector as a key initiative for fiscal 2007."

 

About SatCon Technology Corporation

 

SatCon Technology Corporation is a developer and manufacturer of electronics and motors for the Renewable Energy, Hybrid-Electric Vehicle, Grid Support, High Reliability Electronics and Advanced Power Technology markets. For further information, please visit the SatCon website at www.satcon.com.

 

(SATC-G)

 

Statements made in this document that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the Company"s expectation. Additional information concerning risk factors is contained from time to time in the Company"s SEC filings. The Company expressly disclaims any obligation to update the information contained in this release.

 

Contact:

SatCon Technology Corporation

Gary Brandt, 617-897-2407

 

Source: SatCon Technology Corporation

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