COMPANY PRESS RELEASE
SatCon Receives $1.1 Million Subcontract From General Dynamics
Business Wire - October 14, 1999 08:49
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 14, 1999--SatCon Technology Corporation(R) (Nasdaq NM:SATC), today announced that it received authorization to proceed on a subcontract from General Dynamics Land Systems to develop a battery power converter for the new Reconnaissance, Surveillance and Targeting Vehicle (RST-V) demonstrator. The subcontract is valued at $1.1 million.
The RST-V is a V22 transportable manned vehicle demonstrator being developed under a Defense Advanced Research Project Agency (DARPA) program for the Marine Corps. Under the subcontract, SatCon will deliver a lab prototype followed by four form, fit and function prototypes to be installed and tested in actual vehicles. SatCon was awarded the subcontract because of its experience in developing power converters, motor controllers and power electronics for electric and hybrid-electric vehicles.
"This is a new demonstrator vehicle that General Dynamics is building for the government," said David Eisenhaure, SatConis President and Chief Executive Officer. "What's exciting is that the basic design of this converter is taken from other converter work SatCon is doing for electric vehicles. Anytime you can build off previous R&D development further improves your product base. Today SatCon has power converters, motor controllers and power electronics that can be designed into commercial as well as military vehicles. We have contracts with the major automotive manufacturers and the government, including a $10 million dollar DOE program to develop advanced integrated power modules for electric, hybrid-electric and fuel cell vehicles. These electronics are also the basis for the electronic modules being built for residential fuel cell power generation systems."
SatCon Technology Corporation(R) manufactures and sells power and energy management products for telecommunications, silicon wafer manufacturing, factory automation, aircraft, satellites and automotive applications. SatCon has four divisions: Film Microelectronics, Inc. designs and manufactures microelectronic circuits and interconnect products. Magmotor manufactures motors and magnetic 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 Companyis Annual Report on Form 10-K for the year ended September 30, 1998, which factors are incorporated herein by reference. Please note that the Companyis 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.
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