Satcon Technology Corp. (MM) (NASDAQ:SATC)
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Second graph, first sentence should read: With SatCon’s
continued industry leadership, its wholly owned subsidiary, SatCon Power
Systems Canada is pleased to report that as of the date of this press
release its backlog has grown from the $16 million reported in December
of 2006 to over $21 million today. (sted With SatCon’s
continued industry leadership, its wholly owned subsidiary, SatCon Power
Systems Canada is pleased to report that as of the date of this press
release it’s backlog has grown from the $16
million reported in September of 2006 to over $21 million today.)
The corrected release reads:
SATCON ANNOUNCES CERTIFICATION OF ITS PHOTOVOLTAIC POWERGATE®
INVERTERS FOR COMMERCIAL PHOTOVOLTAIC APPLICATIONS
Alternative Energy Subsidiary’s Backlog
Exceeds $21 Million
SatCon Technology Corporation® (Nasdaq CM:
SATC), a developer of power management and system architecture solutions
for the alternative energy and distributed power markets today announced
that it has obtained certification of its PowerGate®
Inverter product-line for commercial photovoltaic applications to the
new UL standard coming into effect May 7, 2007. In January of 2006,
SatCon announced certification under the new UL1741 of its innovative
ground fault detection interrupter (patent pending) resulting in
significant savings for installers of photovoltaic systems. This new
certification for the entire product-line is a follow on to that
approval.
With SatCon’s continued industry leadership,
its wholly owned subsidiary, SatCon Power Systems Canada is pleased to
report that as of the date of this press release its backlog has grown
from the $16 million reported in December of 2006 to over $21 million
today. This backlog has grown while revenues have increased over 200% to
$8.6 million in the last six months of 2006 as compared to the same
period of 2005.
“Our strategy to focus our alternative energy
business and complementary power distribution products continues to
drive our backlog and revenue growth”, said
Clemens van Zeyl, President of SatCon’s Power
Systems subsidiary. “With approval of our
existing product-line to the new UL standard in hand, our focus will now
be on the introduction of our next generation PowerGate®
Inverter designed for increased capacity while offering additional value
added features to our customers”.
About SatCon Technology Corporation
SatCon Technology Corporation is a developer and manufacturer of
electronics and generators/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.