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04/23/99
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April 23, 1999 07:32
Major Automotive Manufacturers Commit to Alternative Fuel Vehicles
CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 23, 1999--Recent announcements from General Motors and Toyota on April 19th, and DaimlerChrysler, Ford, and Ballard Power Systems on April 20th, on expanding efforts in electric and fuel cell vehicles, signals a continued and serious interest on the part of major automobile manufacturers in building environmentally-friendly alternative fuel vehicles.
General Motors and Toyota are teaming in a five-year joint collaboration to accelerate the development of advanced technology vehicles, stressing the need for availability, low cost, and commonality. Ford and Toyota will join with ARCO, Shell and Texaco, the state of California, and Ballard Power Systems to advance the commercialization of fuel cell vehicles.
"We see this as an encouraging sign for the future," said David Eisenhaure, President and Chief Executive Officer of SatCon Technology Corporation (Nasdaq NM:SATC). "We have an extensive history of involvement in electric controllers, drive systems, and auxiliary motors for electric and hybrid electric vehicles, from our work with Chrysler on the Patriot Program, to our involvement with General Motors on the turbine engine controller. Whether alternative fuel vehicles are electric, hybrid-electric, or fuel cell powered, we believe our electronics controllers, drive systems, and auxiliary motors will be key components of the system."
SatCon was recently awarded $10 million by the Department of Energy to develop and manufacture an advanced integrated power module to manage the generation, storage and use of electrical power in hybrid gas-electric, diesel-electric, fuel cell, and electric vehicles. SatCon will be delivering final units within 36 months. This module is based on SatCon's Power Electronics Building Blocks developed for the Navy and which SatCon is currently building for a major automotive manufacturer for a fuel cell vehicle application. Recently, SatCon's subsidiary FMI delivered test units of these modules for evaluation.
In addition to its work on advanced technology vehicle systems, SatCon currently sells a line of power electronics building blocks components and motor drives to the satellite, commercial aircraft, industrial automation, and semiconductor manufacturing sectors. These commercial components are manufactured and sold from our Film Microelectronics, Inc. division located in No. Andover, MA, and from SatCon's Magmotor division located in Worcester, MA. SatCon intends to expand those production facilities in the future as the needs of the developing advanced technology vehicle marketplace dictates.
SatCon Technology Corporation(R) designs, develops, and manufactures "Active Motion Control"(R) systems including advanced electric motors, high density power electronics, suspension systems, satellite control systems, propulsion systems, and flywheel energy-storage systems for a variety of commercial and government customers. SatCon's Film Microelectronics, Inc. subsidiary designs and manufactures microelectronic circuits and interconnect products. Additionally, SatCon has a Magmotor Division in Worcester, Massachusetts and a Technology Center in Cambridge, Massachusetts.
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 Company's Annual Report on Form 10-K for the year ended September 30, 1998, which factors are incorporated herein by reference. Please note that the Company's 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.
CONTACT: SatCon Technology Corporation(R)
Michael Turmelle, 617/661-0540
Chief Financial Officer
or
Continental Capital & Equity Corp.
Travis Griffith, 407/682-2001
www.insidewallstreet.com
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